Bitcoin price faces ‘inevitable dip’ to $100,000, says Standard Chartered

Core Insights - Bitcoin has experienced a significant downturn, losing $19 billion in leveraged positions in a single day due to renewed tensions between the US and China [1][2] - Geoffrey Kendrick from Standard Chartered predicts that Bitcoin will inevitably dip below $100,000, which is concerning given that October is typically a bullish month for the cryptocurrency [2][3] - The current market environment has led investors to favor traditional safe-haven assets like gold, which has surged over 50% this year [3][7] Market Dynamics - The recent market panic has caused a shift from risky assets like Bitcoin to safer investments, with gold reaching a peak of $4,373 before settling around $4,000 [3][4] - Kendrick notes a rotation from gold to Bitcoin, suggesting that some investors are selling gold to buy Bitcoin, although this has not been consistently reflected in Bitcoin's performance [4][5] - Bitcoin's behavior during market turmoil has raised questions about its role as a safe-haven asset, as it tends to decline alongside tech stocks rather than rallying like gold [5][6] Investment Sentiment - The perception of Bitcoin as a store of value and a hedge against debasement is being challenged, as it has not performed as expected during market distress [6][7] - Despite the negative outlook, Kendrick suggests that this dip may be the last time Bitcoin is below $100,000, indicating potential future recovery [7]