- Standard Chartered‘s Geoffrey Kendrick views the current Bitcoin pullback as a significant buying opportunity below $100,000.
- Kendrick expects a brief drop under $100,000 could be the last chance to purchase Bitcoin below six figures.
- He has identified key reversal signals, including the relationship between Gold and Bitcoin, Federal Reserve liquidity decisions, and technical price levels.
- Kendrick reaffirms a year-end Bitcoin Price target of $200,000, citing demand from exchange-traded funds (ETFs) and macroeconomic catalysts.
- Market volatility has been linked to heightened U.S.-China trade tensions and shifts in investor sentiment.
Standard Chartered strategist Geoffrey Kendrick announced that Bitcoin (BTC) may face what he describes as an “inevitable” dip below $100,000, potentially offering investors a final opportunity to buy the cryptocurrency before a projected surge above six figures.
Kendrick’s statement follows Bitcoin’s recent decline, which he attributed to broader macroeconomic pressures. According to Kendrick, Bitcoin reached a high of $126,000 earlier in the month, but failed to maintain that level due to renewed U.S.-China trade tensions. These developments led to heightened selling pressure and a subsequent price drop of nearly 4% in recent trading, with Bitcoin trading around $108,000.
Kendrick told clients in a note, “A brief drop below $100,000 could mark the ‘last-ever chance’ to buy Bitcoin below six figures,” as reported by CoinDesk. He identified three main indicators that could signal a reversal in current price trends. The first is capital flow between gold and Bitcoin, with a recent gold selloff coinciding with a short-term bounce in Bitcoin values. The second factor involves possible actions by the U.S. Federal Reserve; Kendrick noted that any end to quantitative tightening could improve conditions for Bitcoin. Lastly, he highlighted that Bitcoin has consistently remained above its 50-week moving average since early 2023, when it was trading around $25,000.
Earlier this month, Kendrick set a year-end target of $200,000 for Bitcoin. He cited key risks such as the potential for a U.S. government shutdown, the link between Bitcoin’s price and Treasury yields, and strong demand for Bitcoin ETFs. While recent rallies have slowed, Kendrick believes the market’s overall upward momentum remains, and sees dips below $100,000 as long-term entry points rather than indications of a trend reversal.
Market participants continue to watch for further developments, as economic and political factors contribute to persistent volatility in cryptocurrency prices.
