Market News

Bitcoin's Future Hangs in the Balance: Standard Chartered's Bold Predictions

Geoffrey Kendrick, the Head of Digital Asset Research at Standard Chartered Bank, has made significant predictions regarding Bitcoin's (BTC) future.

He suggested that if Bitcoin successfully navigates the current week, it may never dip below $100,000 again.

This optimism is buoyed by positive developments in the US-China trade negotiations, which have shifted market sentiment from fear to hope.

Recent statements from US Treasury Secretary Bessent indicated a potential delay in China's rare earth export restrictions and increased soybean purchases from the US.

Kendrick highlighted that if the Bitcoin-to-gold ratio rises above 30, it would signify a broader market recovery and renewed risk appetite.

He noted that Bitcoin's strength would also be signaled by new inflows into spot Bitcoin ETFs, especially considering recent outflows from gold ETFs.

A rate cut of 25 basis points anticipated at the Federal Open Market Committee meeting could further enhance Bitcoin's appeal.

Additionally, earnings reports from major tech companies and a crucial diplomatic meeting between Trump and Xi could serve as further catalysts for market movements.

Kendrick warned that a new all-time high for Bitcoin would challenge the traditional narrative surrounding its value tied to the halving cycle.

The coming days are crucial, and if the week unfolds positively for Bitcoin, it may solidify its position above the $100,000 mark for the long term.