tl;dr
Bitcoin is facing continued downside risk due to market volatility and geopolitical uncertainty, according to Standard Chartered's head of digital assets, Geoffrey Kendrick. The recent decline in Nasdaq futures and Bitcoin prices, along with unclear factors such as US tariffs, the Ukraine conflict, ...
Bitcoin is facing continued downside risk due to market volatility and geopolitical uncertainty, according to Standard Chartered's head of digital assets, Geoffrey Kendrick. The recent decline in Nasdaq futures and Bitcoin prices, along with unclear factors such as US tariffs, the Ukraine conflict, and potential tax policy changes, have contributed to market risk. Kendrick believes that Bitcoin could recover once these issues stabilize but warns of potential further decline to the range of $69,000-$76,500 in the near term.
Kendrick also highlighted the impact of President Donald Trump's announcement regarding a strategic crypto reserve and examined the performance of Strategy (MSTR) stock, which remains intertwined with Bitcoin amidst global economic uncertainty.
Kendrick pointed out that Bitcoin has experienced significant price fluctuations, exacerbated by a sharp 5% decline in Nasdaq futures and the lack of clarity around critical issues such as US tariffs, the Ukraine conflict, and potential changes to tax policy. While these factors have contributed to market risk, Kendrick sees them as transient and suggests that Bitcoin could recover once these issues stabilize.
Kendrick also examined Strategy (MSTR), which recently rebranded from MicroStrategy, highlighting that the firm’s stock has already fallen to levels recorded after the November US elections. Despite this drop, Kendrick emphasized that the company’s stock performance remains intertwined with Bitcoin. He noted the firm’s stock price has been hovering around the $242.69-$261.20 per share range for several days, without closing below this level, which indicates support at this level.