Geoffrey Kendrick is the Standard Chartered Head of Digital Assets Research. He believes that Bitcoin will continue to rise as long as US Treasury rates remain under 4.50%.
Kendrick, in an internal note sent to CryptoSlate, highlighted the fact that the yield on US Treasury 10-year bonds has been struggling to rise above 4.50%. This is a key level for market participants.
The economic background was described by him as “a “Goldilocks” scenario for digital assets — where economic growth remains strong but does not spur higher yields that could weigh on risk assets.
Kendrick says that the stable yields on bonds and absence of inflationary risks such as new tariffs would create perfect conditions for Bitcoin in order to reach a high level above 108,000 dollars by February.
He noted that if Bitcoin can remain above the $95,000 key support level, it’s more likely to push back into six figures.
Kendrick wrote:
“I stick with my view from Friday that up is becoming more likely than down for Bitcoin in the short-term. Look for 95k to hold on the downside and markets to push up towards the important 102.5k level soon.”
He emphasized that Bitcoin’s price action remains constructive as long as key macroeconomic conditions remain steady.
Trump Tariffs
Kendrick also highlighted President Donald Trump’s recent announcement of a 25% tariff on steel and aluminum imports as a shift toward more targeted, reciprocal tariffs rather than broad-based trade restrictions.
Kendrick is of the opinion that this action could be less inflationary than anticipated, reducing Treasury yield risks. Low yields are usually beneficial to risk assets such as Bitcoin by making fixed-income investment less attractive.
Kendrick argued that Trump’s latest policy shift and market sentiment moving away from fears of “Bad Trump”Economic disruptions could reduce risk-aversion, and further boost Bitcoin’s value.
Last week, following Trump’s announcement of new tariffs on imports from Canada, Mexico, and China, Bitcoin experienced a significant decline.
BTC has fallen from its peak of approximately $105,000, to around $91,000. Investors attributed the decline to concerns about potential trade wars and global economic instability resulting from tariffs.
Bitcoin’s price rebounded back above $100,000 after the US reached agreements with Mexico and Canada to delay the implementation of these tariffs. The flagship cryptocurrency failed to maintain its upward momentum.
CryptoSlate’s data shows that Bitcoin is currently trading at around $95,416. This represents a decline of 2% from the press release time..
Bitcoin Market Data
The time of the press The time is 7:14 pm on February 11, 2025.Bitcoin’s market capitalization is the highest in the world. Downward 2.2% Over the past 24 hour. Bitcoin’s market capitalization is 1.89 trillion dollars The 24-hour volume trading is $ 33.29 billion. Learn more about Bitcoin ›
Bitcoin
On February 11, 2025, 7:14 PM UTC
$95,447.52
-2.2% Crypto Market Analysis
The time of the press On February 11, 2025, 7:14 PM UTCThe crypto market has a total value of at 3.14 trillion dollars With a volume of 24 hours. $98.17 billion. Bitcoin dominates the market at 60.26%. Learn more about the crypto market ›
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