比特币(BTC)飙升近10万美元大关，专家们对这一势头能否持续存在分歧

比特币 (BTC) 最近飙升至接近 10 万美元大关，引发了渴望看到它突破这一关键心理障碍的投资者的兴奋。

As Bitcoin edges closer to the highly anticipated $100,000 mark, palpable optimism fills the air. However, some strategists remain cautious about whether this momentum can be sustained.

随着比特币逼近备受期待的 10 万美元大关，空气中弥漫着明显的乐观情绪。然而，一些策略师对这种势头能否持续仍持谨慎态度。

Fresh from scaling new heights, Bitcoin is currently trading just below $96,150, having briefly touched a high of $99,600 last week. This price movement has sparked excitement among investors, eager to see the world's leading cryptocurrency finally breach this key psychological barrier.

刚刚攀上新高的比特币目前的交易价格略低于 96,150 美元，上周曾短暂触及 99,600 美元的高点。这种价格走势引发了投资者的兴奋，他们渴望看到世界领先的加密货币最终突破这一关键的心理障碍。

Several experts remain optimistic, pointing to continued strong demand from institutional investors. Marathon Digital Holdings (NASDAQ:MARA) is among those actively driving up institutional Bitcoin purchases.

几位专家仍保持乐观态度，指出机构投资者的需求持续强劲。 Marathon Digital Holdings（纳斯达克股票代码：MARA）是积极推动机构比特币购买的公司之一。

In an interview with CNBC, Marathon CEO Fred Thiel highlighted the large-scale buyers still aggressively purchasing Bitcoin. Thiel’s comments come as Marathon recently raised a $1 billion zero-coupon bond, while companies like MicroStrategy also进行了大量机构购买的一部分，用于资助 1 亿美元的比特币购买。

In an interview with CNBC, Marathon CEO Fred Thiel highlighted the large-scale buyers still aggressively purchasing Bitcoin. Thiel’s comments come as Marathon recently raised a $1 billion zero-coupon bond, while companies like MicroStrategy also进行了大量机构购买的一部分，用于资助 1 亿美元的比特币购买。

Pointing out that institutions like Marathon are still aggressively buying up Bitcoin, Thiel suggests that there is ample demand to drive prices higher in the short term. He anticipates that while Bitcoin’s price may fluctuate, the overall trajectory will remain on an upward trend.

泰尔指出，马拉松等机构仍在积极买入比特币，短期内有充足的需求推动价格走高。他预计，虽然比特币的价格可能会波动，但总体轨迹将保持上升趋势。

However, some experts caution that Bitcoin may face challenges at the $100,000 level. According to David Morrison, a senior market analyst at Trade Nation, this price point has become a significant hurdle for further gains.

不过，一些专家警告称，比特币可能面临10万美元水平的挑战。 Trade Nation 高级市场分析师 David Morrison 表示，这个价格点已成为进一步上涨的重大障碍。

“It feels as if it has become a high barrier for further price increases,” Morrison stated.

莫里森表示：“感觉好像它已经成为进一步涨价的高障碍。”

He also noted that Bitcoin's recent surge could inflate investor expectations, creating a false sense of security. Earlier this week, George Milling-Stanley, chief gold strategist at State Street Global Advisors, shared this sentiment, suggesting that Bitcoin is increasingly viewed as a speculative “return play,” attracting investors seeking capital gains rather than intrinsic value or utility in the cryptocurrency.

他还指出，比特币最近的飙升可能会抬高投资者的预期，造成错误的安全感。本周早些时候，道富环球顾问公司首席黄金策略师 George Milling-Stanley 也表达了同样的观点，他认为比特币越来越被视为投机性“回报游戏”，吸引了寻求资本收益而不是加密货币内在价值或效用的投资者。

Several factors could be contributing to Bitcoin's price fluctuations. One factor, according to Andre Dragosch, head of research at Bitwise Asset Management, is the behavior of long-term holders beginning to cash in on the asset's unprecedented highs.

有几个因素可能导致比特币的价格波动。 Bitwise 资产管理公司研究主管安德烈·德拉戈什 (Andre Dragosch) 表示，其中一个因素是长期持有者开始利用该资产前所未有的高点获利的行为。

During this rally, long-term holders began selling significant amounts of Bitcoin, a trend that Dragosch highlights. A recent report by analyst platform Glassnode reveals that as Bitcoin approached the $100K level this month, long-term holders dumped over 500K BTC tokens. This increased supply in the market has tempered the upward price momentum.

在这次反弹期间，长期持有者开始抛售大量比特币，这是德拉戈施强调的趋势。分析平台 Glassnode 最近的一份报告显示，随着比特币本月接近 10 万美元水平，长期持有者抛售了超过 50 万枚 BTC 代币。市场供应量的增加抑制了价格上涨的势头。

Another factor is the launch of options on spot Bitcoin exchange-traded funds (ETFs) this month, which has served to amplify speculative activity. Many investors are using options to bet on Bitcoin's price movements rather than buying Bitcoin directly, further fueling market volatility.

另一个因素是本月推出的现货比特币交易所交易基金（ETF）期权，这加剧了投机活动。许多投资者使用期权来押注比特币的价格走势，而不是直接购买比特币，这进一步加剧了市场波动。

According to Mike Novogratz, CEO of Galaxy Digital, the crypto market remains highly leveraged, which could increase the likelihood of a correction. However, Novogratz emphasizes that such corrections are typically short-lived and that Bitcoin's long-term upward trend could continue if favorable conditions persist.

Galaxy Digital 首席执行官迈克·诺沃格拉茨 (Mike Novogratz) 表示，加密市场的杠杆率仍然很高，这可能会增加调整的可能性。然而，诺沃格拉茨强调，这种调整通常是短暂的，如果有利的条件持续存在，比特币的长期上涨趋势可能会持续下去。

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