Market News

Bitcoin's Future: Standard Chartered Predicts Major Price Movements Ahead

Standard Chartered's recent analysis suggests that Bitcoin's price may dip below $100,000 before aiming for new record highs.

Geoff Kendrick, the bank's head of digital asset research, believes this decline is nearly inevitable but will be short-lived.

As of Wednesday, Bitcoin traded around $108,200, down 12% from its all-time high of $126,000 due to fears surrounding U.S.-China trade tensions.

Kendrick remains optimistic, maintaining a bullish year-end price target of $200,000 for Bitcoin, implying potential gains of nearly 85% from current levels.

Historically, October has been a strong month for Bitcoin, earning the nickname "Uptober," with average increases over the years, though this pattern may shift given recent volatility.

Notably, a significant selloff in gold recently coincided with an uptick in Bitcoin, indicating potential investor shifts from traditional assets to cryptocurrencies.

Kendrick emphasizes that the upcoming period, despite market fears, could provide an advantageous entry point for investors as Bitcoin finds its footing.

Macroeconomic factors, including potential Federal Reserve interest rate cuts and ongoing ETF inflows, will also play crucial roles in shaping Bitcoin's trajectory.

Despite the uncertainty, many analysts believe the long-term outlook for Bitcoin remains strong, igniting interest from both retail and institutional investors.

Thus, following this predicted dip might be a strategic move in a potentially rewarding market landscape.