标准特许分析师说

根据标准特许分析师杰夫·肯德里克（Geoff Kendrick）的说法，比特币从本年开始的低迷将让位于新的集会，以纪录最高点。

Standard Chartered's Geoff Kendrick is expecting Bitcoin to hit a new all-time high this quarter, with several tailwinds helping to push the apex token to $120,000, the digital asset analyst said on Monday.

这位数字资产分析师周一表示，标准宪章的杰夫·肯德里克（Geoff Kendrick）预计比特币将在本季度达到新的历史最高水平，有几条尾风有助于将Apex令牌提高到120,000美元。

Kendrick, the global head of digital assets research, anticipates that the apex token will reach its next record high in the coming months, as broader market trends and investor activity suggest the next bitcoin rally is fast approaching.

全球数字资产研究负责人肯德里克（Kendrick）预计，顶点代币将在未来几个月内达到下一个记录，因为更广泛的市场趋势和投资者活动表明，下一个比特币集会快到了。

“While timing sharp rises in bitcoin is difficult, we think the current period of potential strategic asset reallocation away from US assets may trigger the next such upswing,” he wrote.

他写道：“虽然比特币的时机急剧上升是困难的，但我们认为目前潜在的战略资产重新分配远离美国资产的时期可能会触发下一个这样的上升。”

“If so, we would expect a new all-time high to be reached in Q2 with further gains over the summer. We maintain our year-end forecast of USD 150,000.”

“如果是这样，我们预计将在第二季度将在夏季进一步增长的新历史最高水平。我们维持我们的年终预测为15万美元。”

The crypto perma-bull's remarks provide an upbeat outlook on an asset that's seen a disappointing performance so far this year. Hopes were high that crypto-friendly policies from Washington would propel bitcoin to more gains as it lost momentum after touching $109,000 in January.

Crypto Perma-Bull的言论为今年迄今为止令人失望的表现提供了令人失望的资产展望。希望华盛顿的加密友好政策会推动比特币获得更多收益，因为它在一月份触及109,000美元后失去了动力。

But Kendrick sees three reasons the token is poised for a surge.

但是肯德里克（Kendrick）看到令牌有望激增的三个原因。

Economic jitters raise bitcoin's appeal

经济抖动提高了比特币的吸引力

First, economic uncertainties are creating a nurturing environment for crypto. Tariffs and threats against Federal Reserve independence have diminished investor appetite for traditional safe-haven trades, like U.S. Treasuries and the dollar, as markets grow unsettled about broader disruptions to long-term monetary and trade norms.

首先，经济不确定性为加密创造了一个养育环境。随着市场对长期货币和贸易规范的更广泛的破坏，对美联储独立性的关税和对美联储独立性的威胁降低了投资者对传统避风港行业的需求。

Yet, government-sector risks often directly benefit bitcoin, Kendrick said. An annual high in the 10-year Treasury’s term premium, or the amount of compensation investors demand for holding the asset, suggests that the token could now catch up to recent gains in gold, as the rates upcycle stalls and investors prepare for a pivot in monetary policy.

肯德里克说，然而，政府部门的风险通常直接受益于比特币。每年的10年财政期限溢价或投资者要求持有该资产的薪酬金额的年度高点表明，随着利率升级摊位和投资者为货币政策准备的准备，代币现在可以赶上最近的黄金收益。

“ETF flows for the latest week suggest that this rotation between safe-haven assets is already underway, with flows from gold ETFs into Bitcoin ETFs.” If this continues, it suggests that investors are beginning to view bitcoin as a better safe-haven than the yellow metal.

“最近一周的ETF流动表明，安全资产之间的这种旋转已经在进行中，从黄金ETF流向比特币ETF。”如果继续这样做，这表明投资者开始将比特币视为比黄色金属更好的安全。

Tariff buying

关税购买

Second, the Standard Chartered analysis shows that U.S. investors have been snapping up bitcoin since President Donald Trump announced a 90-day delay of most reciprocal duties on April 9.

其次，标准的特许分析表明，自4月9日唐纳德·特朗普总统宣布大多数倒数税的延迟90天以来，美国投资者一直在抢购比特币。

“Since then, while both tech stocks and Bitcoin are higher, Bitcoin has outperformed. The correlation breakdown and US buying suggest that US investors are seeking non-US assets.”

“从那时起，尽管技术股票和比特币都更高，但比特币的表现都优于。相关性细分和美国购买表明，美国投资者正在寻求非美国资产。”

Bitcoin hit its lowest price for 2024 on April 8, when it was trading at around $76,000. It has soared 22% since then.

比特币在4月8日达到2024年的最低价格，交易价格约为76,000美元。从那时起，它已经飙升了22％。

Meanwhile, bitcoin “whales,” or investors who own more than 1,000 bitcoins, have been piling up tokens amid the tariff-induced price slump, Kendrick added.

同时，在关税引起的价格低迷的情况下，拥有1000多个比特币的比特币“鲸鱼”或拥有1000多个比特币的投资者一直在堆积。

More catalysts building

更多的催化剂建筑

Investors should also keep an eye out for 13Fs filed with the Securities and Exchange Commission from U.S. ETFs in mid-May to see if there’s an indication of more institutional support for bitcoin.

投资者还应留意在五月中旬向美国ETF提交的美国ETF提交的13FS，以查看是否有对比特币提供更多机构支持的迹象。

Kendricks expects the latest filings to to demonstrate increased buying from pension funds and sovereign wealth funds.

肯德里克斯（Kendricks）预计，最新的文件将证明从养老基金和主权财富基金中购买的购买增加。

“Crucially, we expect to see more institutions buying bitcoin in 13F filings for Q1 2024. For example, we expect to see new or increased 13F holdings in bitcoin by major U.S. pension funds (e.g. CalPERS) and university endowments (e.g. Yale, Harvard, Princeton).

“至关重要的是，我们希望看到更多的机构在第1季度的2024年在13F文件中购买比特币。例如，我们希望美国主要养老基金（例如CalPers）和大学捐赠基金（例如，耶鲁大学，哈佛，普林斯顿）看到比特币的新或增加的13F持股。

Finally, Trump has mentioned the possibility of stablecoin legislation this summer, a move that could provide a fresh tailwind to the crypto market as it continues to expand into the mainstream financial system.

最后，特朗普在今年夏天提到了斯塔布尔币立法的可能性，此举可能会为加密货币市场提供新的方风，随着它继续扩展到主流金融体系。