Core Viewpoint - Standard Chartered predicts Bitcoin may fall below $100,000 before resuming its upward trend, suggesting this dip could be a necessary step for the asset to find a stable base [2][3]. Group 1: Market Analysis - Bitcoin has recently dropped as much as 19% from its record high of $126,200 amid ongoing trade tensions between the U.S. and China [2]. - Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, believes a dip below $100,000 is likely but may be short-lived [2][3]. - Kendrick advises investors to be prepared to buy Bitcoin if it dips below $100,000, indicating it could be the last opportunity to purchase at that level [3]. Group 2: Indicators for Uptrend - Kendrick is monitoring three key signals for a potential resumption of Bitcoin's uptrend, including a possible capital rotation from gold into Bitcoin, highlighted by a recent gold crash that coincided with a rise in Bitcoin [3]. - He is also observing liquidity measures, noting that tightening metrics could lead to positive Federal Reserve intervention for Bitcoin [4]. - Additionally, Kendrick is watching for a bounce at Bitcoin's 50-week moving average, which has served as support since early 2023 when Bitcoin was valued at $25,000 [5]. Group 3: Broader Market Sentiment - Other analysts, such as Bitwise investment chief Matt Hougan, remain optimistic about Bitcoin's future despite recent market corrections, drawing parallels to gold's performance [6]. - Hougan notes that gold's price surge this year was largely driven by central bank buying, which began in 2022 without significant price movement due to price-sensitive investors selling into the rally [7]. - He emphasizes that Bitcoin is experiencing strong demand from exchange-traded funds and corporations, but has yet to see a price rally that matches this demand, suggesting a need for the exhaustion of price-sensitive investors before a significant increase can occur [8].
'Stay Nimble': Standard Chartered Says Bitcoin Is Set For 'Inevitable Dip' Below $100K