Key Takeaways
- BTC is trading above $109,000 after gaining about 1% in the past 24 hours.
- Standard Chartered analysts say BTC could dip below $100,000 before resuming its rally.
Standard Chartered Analysts Say Bitcoin Could Fall Below $100,000
Bitcoin has been extremely volatile this month, sliding to about $102,000 only days after reaching a new peak near $126,000. The price has not fully recovered since the liquidation event on October 10.
Geoffrey Kendrick, head of digital asset research at Standard Chartered, told investors on Wednesday that Bitcoin could briefly dip below $100,000 over the coming days. Kendrick added that a pullback was inevitable but likely to be temporary. He suggested the decline could present a buying window for investors, while acknowledging uncertainty about how deep the drop might be. In his note Kendrick wrote:
The question now is how far Bitcoin falls before it finds a base?
Kendrick noted this may be the last time Bitcoin slips back under $100,000. He said the October 6 high met near-term price targets but failed to push higher amid mounting macroeconomic concerns, driven in part by renewed trade tensions between the U.S. and China.
Analysts pointed to three factors that could lift Bitcoin’s price in the near term. The first is a sharp sell-off in gold earlier this week, which could prompt a rotation of funds from traditional safe havens into riskier assets like cryptocurrencies.
The second factor is monetary policy. Signs that the Federal Reserve may cut interest rates again would likely support another Bitcoin rally. Kendrick argued that despite prevailing market headwinds, Bitcoin could still reach $200,000 under supportive conditions.
BTC Eyes $114,000 as Market Conditions Improve
The BTC/USD 4-hour chart remains technically mixed, even though Bitcoin has gained about 1% in the last 24 hours. At the time of writing, BTC trades around $109,650 and could move higher if current momentum sustains.
The RSI reading near 51 suggests bulls are regaining control, and MACD lines are in positive territory as well.
If the recovery continues, BTC could test the weekly high around $113,964 in the coming hours. A sustained push higher would allow it to challenge the ILQ level near $116,000. Conversely, if downward pressure resumes, Bitcoin could slip beneath the weekend low of $105,000.