Bitcoin may fall below $100,000 by this weekend, according to Geoffrey Kendrick, the global head of digital assets research at Standard Chartered.
He said the drop “seems inevitable” after renewed trade tensions between the United States and China caused a market selloff earlier this month. However, Kendrick explained that the decline might be brief and could mark “the last time bitcoin is EVER below that level.”
Earlier this month, Bitcoin recently hit a record high of $126,000 on October 6 but later slipped as fears of a trade war grew. At the time of reporting, Bitcoin is trading around $108,200, down roughly 4% in the last 24 hours, according to CoinMarketCap.
BTC Price action | Source: CoinMarketCap
Kendrick also noted that the rally lost steam when U.S. President Donald Trump announced new tariffs on China, creating pressure across global markets. Since then, investors have pulled back, waiting for signs that both countries might reach a trade deal.
Kendrick also pointed to tightening liquidity as one reason behind the current weakness. He said the U.S. Federal Reserve’s ongoing quantitative tightening has made conditions tougher for risk assets.
Even so, he noted that the central bank could ease its stance if it sees signs of strain. He added that he is watching the gold-to-bitcoin flow as a key signal for when prices might stabilize. A recent selloff in gold, he said, was followed by an intraday bitcoin rebound, a trend he described as “sell gold, buy bitcoin.”
Despite the current decline, Kendrick told Cointelegraph that he expects bitcoin to reach $200,000 by the end of the year and sees a possible rise to $500,000 by 2028. He encouraged investors to “stay nimble and ready to buy the dip below $100,000 if it comes.”
Kendrick’s earlier forecasts have often centered on technical levels such as bitcoin’s 50-week moving average, which has remained strong since early 2023. He maintains that as long as that support holds, any short-term drop could lead to a quick recovery.
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