Standard Chartered analyst Geoff Kendrick has predicted that the Bitcoin worth may undergo a big crash beneath $100,000. This comes amid the rising tensions between the U.S. and China, which have up to now sparked a bearish sentiment within the crypto market.
Standard Chartered Predicts Bitcoin Dip Below $100,000
In a word to traders, Kendrick said that he expects BTC to fall beneath $100,000 amid trade-war issues, although the dip is prone to be transient. Based on this, the analyst prompt that any dip could also be a very good shopping for alternative, particularly as he expects the flagship crypto to achieve new highs this 12 months.
Notably, the Bitcoin worth has continued to say no amid the commerce tensions between the U.S. and China. BTC crashed to as little as $104,000 two weeks in the past when U.S. President Donald Trump first introduced a 100% tariff on China.
Since then, the flagship crypto has continued to indicate weak spot, pulling again on the slightest signal of a rebound. Trump has additionally contributed to bearish sentiment within the crypto market, indicating on a number of events that there was no assure he would strike a commerce cope with China, despite the fact that he needs a good deal between the 2 nations.
The U.S. president additionally just lately threatened a 155% tariff on China if they’re unable to strike a deal earlier than the November deadline when the 100% tariffs are meant to enter impact. Trump confirmed that he’ll meet with China’s President Xi Jinping on the APEC Summit subsequent week, although he additionally stated the assembly might not happen. Bitcoin sharply misplaced most of its intraday positive factors following Trump’s assertion yesterday.
BTC Still On Track To Reach $200,000 By Year’s End
The Standard Chartered analyst continues to be assured that Bitcoin will attain $200,000 by the tip of the 12 months. The analyst told Cointelegraph that because the market cools off from the $19 billion liquidation occasion, traders might even see it as a shopping for alternative, which may gasoline the BTC rally to this $200,000 goal.
Meanwhile, regardless of the present market volatility, the analyst is assured that the BTC price will rebound because the markets stabilize. Kendrick additionally talked about that the flagship crypto may no less than attain $150,000 because the bear case, regardless of the Trump tariffs.
He believes that additional Fed price cuts might be one of many catalysts driving this Bitcoin rally. The Standard Chartered analyst additionally alluded to sustained inflows into BTC ETFs as the first driver of BTC’s bullish momentum.
