Bitcoin (BTC), currently, is under pressure due to macro-risks and any retracement beneath $90,000. presents a threat. “medium-term”Geoffrey Kendrick, Standard Chartered’s head of research for digital assets, says that this is a great time to buy.
Kendrick stressed the importance of accumulating strategically despite market volatility in his research note from Jan. 14. He added that the price falling below key support could offer a favorable entry point as the lender’s long-term projections for Bitcoin remain unchanged.
Kendrick stated:
“If we do get a break below (which I could see to the low USD80,000s if 90k goes properly) I would view it as an excellent medium-term buying opportunity.”
Macro risks
Bitcoin is currently trading near $90,000, facing pressure from several macroeconomic factors, including anticipated US CPI data and heightened expectations of policy announcements tied to President Donald Trump’s Jan. 20 inauguration.
Analysts disagree on the issue of whether or not the inauguration is a news event designed to sell the media and exacerbate the downturn. Nearly no one questions that further falls could be experienced if the price of a home fell below $90.000. This would potentially lead to the level $80,000.
Kendrick also notes that ETF unwinding poses a serious concern. Since the US elections, the average Bitcoin acquisition price of spot ETFs, MicroStrategy, and MicroStrategy’s holdings has been approximately $94,000.
If you fall below the threshold, it may cause additional sales and an increase in volatility for digital assets. He explained:
“Convexity risks remain high, and the market could face cascading pressure if the $90,000 level fails to hold.”
Long-term optimism
Standard Chartered reaffirmed, despite the risks of the short term, its target price for Bitcoin at $200,000 per coin by the year 2025. They also confirmed their previous forecasts.
This projection was based on the expectation of strong institutional inflows under the US new administration and of favorable economic policy.
In the meantime, Standard Chartered advised investors to adopt a cautious approach in the near term while monitoring for strategic buying opportunities.
Bitcoin is currently firmly above $90,000. At the time this article was published, CryptoSlate showed that Bitcoin’s flagship cryptocurrency traded at $96,593.
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