Bitcoin’s drop below $100,000 now appears “inevitable” by this weekend before pushing toward record highs, according to Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, who suggested that the imminent fall could be short-lived and may be a potential entry point.
Bitcoin Headed Sub-$100,000
The cryptocurrency market witnessed a historic $19 billion liquidation event on the weekend of Oct. 10, which triggered Bitcoin’s price crash to a four-month low of $104,000 by Friday amid U.S.-China trade tensions.
“Since then, the 10 October US-China trade war fear-driven selloff put paid to any further push higher,” Standard Chartered’s Kendrick wrote in a Wednesday note to investors. “The question now is how far does Bitcoin need to fall before finding a base?”
The silver lining, according to the pundit, is that the dump below $100,000 should be short-lived and would likely mark the last-ever opportunity to buy the premier crypto for five figures.
Three Key Signals For When BTC Might Stabilize And Rocket Higher
Kendrick is watching three signals that could mark a key decisive moment for Bitcoin.
The first is capital flow between gold and BTC. Kendrick stated that a strong gold pullback this week coincided with an intraday rebound in Bitcoin price — a move that signals a rotation from the precious metal to crypto. “Further such evidence would be constructive for a Bitcoin low being formed,” he explained.
Kendrick then pointed to signs that the U.S. Federal Reserve may completely stop quantitative tightening, citing multiple measures that have been tightening continuously. A Fed reaction could create the perfect macro backdrop for BTC to resume its parabolic surge.
He then observed that Bitcoin has held above its 50-week moving average since early 2023, when the maiden crypto traded for around $25,000, and he had predicted it would hit $100K by the end of 2024.
Earlier this month, Kendrick asserted that his year-end price target of $200,000 remained unchanged. At the time, he highlighted key catalysts like the U.S. government shutdown, BTC’s correlation to Treasury premiums, and shifting exchange-traded fund (ETF) inflows.
Bitcoin was valued at about $109,244 as of publication time, up 1.2% on the day, according to CoinGecko data. Over the last 17 days, the asset’s price has plummeted circa 13.3% from an all-time high of $126,080.
Source: https://zycrypto.com/bitcoins-crash-below-100000-now-inevitable-by-this-weekend-before-uptober-rally-resumes-standard-chartered/
