Bitcoin May Drop Below $100,000 This Week, Standard Chartered Warns
Bitcoin's Potential Dip Below $100,000
- Bitcoin is trading near the mid-$100,000s, with a dip below $100,000 expected by this weekend, according to Standard Chartered's Geoffrey Kendrick.
- Kendrick believes any dip under six figures will be brief, possibly marking the last time Bitcoin drops below $100,000.
- Standard Chartered maintains a year-end target of $200,000 for Bitcoin, driven by ETF demand, corporate treasury adoption, and favorable policy changes.
- The recent sell-off and lack of a strong rally shifted the focus towards identifying market bottoms rather than immediate trend continuation.
- Kendrick emphasizes monitoring capital movement between gold and Bitcoin, US dollar liquidity, and quantitative tightening as indicators for a base-building phase.
- Despite near-term volatility, Standard Chartered remains optimistic about Bitcoin reaching $200,000 by year-end.
- As of now, Bitcoin trades around $109,953, with a 10% decrease over the past two weeks.
Investors should watch for improved dollar liquidity conditions and a shift back into Bitcoin from gold to confirm the forecasted "last time below $100,000" scenario.