Headline: Standard Chartered Warns of Bitcoin Plummeting Below $100,000 by This Weekend Translation: Standard Chartered Warns of Bitcoin Plummeting Below $100,000 by This Weekend

The head of the digital assets research division at Standard Chartered, Jeffrey Kendrick, speculated that the price of the first cryptocurrency could dip below $100,000 by this weekend, as reported by The Block.

He views the current correction as temporary and sees it as a buying opportunity. According to Kendrick, the rally towards its all-time high of over $126,000 was interrupted by concerns regarding the trade war between the U.S. and China, which led to a significant drop.

The analyst believes that investors should monitor the shift of capital from gold to Bitcoin. He noted that a recent sell-off in precious metals coincided with an intraday rebound in the price of the first cryptocurrency.

Kendrick described this trend as a «sell gold, buy Bitcoin» flow. In his view, such rotations will become more frequent and may signal the formation of a market bottom.

Among other indicators of a potential reversal, he highlighted the reduction in liquidity. He mentioned that the Federal Reserve’s response to the new conditions might involve pausing its quantitative tightening program.

Technical analysis also points to an imminent reversal. Kendrick pointed out that the 50-week moving average has acted as a support level since the beginning of 2023, when the asset was trading around $25,000.

He advised investors to «be flexible and ready to buy on dips below $100,000,» labeling this as «the last time Bitcoin will ever be below» this threshold.

Kendrick’s year-end forecast remains at $200,000. By 2028, he expects to see digital gold priced at $500,000.

At the time of writing, the first cryptocurrency is trading around $109,800, having gained about 2% in the past 24 hours, according to CoinGecko.

It’s worth recalling that in July, Kendrick stated that clients of the U.S. division of Standard Chartered showed greater interest in stablecoins than in Bitcoin.