Bitcoin price is hovering in the mid $107,000’s range as analysts from both VanEck and Standard Chartered see more upside.
Geoffrey Kendrick, Standard Chartered’s global head of digital assets research, sees a near-term dip in bitcoin price below $100,000 as “inevitable” due to factors like renewed U.S.–China trade tensions.
However, Kenrick views any bitcoin price pullback as likely short-lived and a buying opportunity.
Kendrick highlights gold-to-Bitcoin flows as a key indicator, noting that recent rotations — selling gold to buy Bitcoin — could signal stabilization and mark a bottom.
Despite the volatility, Kendrick remains bullish, maintaining his forecast of $200,000 by year-end, and $500,000 by 2028.
He advises investors to stay flexible and ready to buy on dips below $100,000, describing it as potentially “the last time Bitcoin is EVER below” that threshold.
Bitcoin price pullback marks a liquidity-driven mid-cycle reset
Bitcoin’s sharp October correction reflects a liquidity-driven mid-cycle adjustment rather than the start of a bear market, according to VanEck’s latest ChainCheck report.
The asset manager highlighted that while Bitcoin fell roughly 18% in early October, leverage has normalized, on-chain activity continues to mature, and the cryptocurrency’s macro role as a hedge against fiat debasement is strengthening.
VanEck analysts Matthew Sigel and Nathan Frankovitz noted that global liquidity — measured through M2 money supply — continues to explain over half of Bitcoin’s price variance, reinforcing its position as an “anti–money printing” asset.
The firm points out that Asian trading sessions have increasingly led global Bitcoin price movements, with recent declines tied to tightening liquidity in Asia as central banks defend their currencies.
Bitcoin price flush creates an opportunity
Speculative leverage peaked in early October, with futures open interest reaching $52 billion before cascading liquidations triggered Bitcoin’s drop from above $125,000 to around $105,000.
As of mid-October, leverage levels have normalized to the 61st percentile of historical ranges. VanEck views the drawdown as a healthy “deleveraging event” that clears speculative excess and creates entry opportunities.
The firm emphasizes that institutional participation in regulated markets like CME has increased, signaling a maturing derivatives landscape and greater integration of Bitcoin into traditional finance.
On-chain activity reflects a maturing market
Bitcoin’s fundamentals continue to strengthen. On-chain metrics show steady activity growth, with 722,000 daily active addresses and total transfer volume rising 21% month over month to over $86 billion.
VanEck maintained in their report that Bitcoin’s long-term trajectory is tied to global liquidity trends and its growing status as a macro hedge.
VanEck includes Bitcoin in its model portfolios at allocations between 1.5% and 6%, viewing systematic exposure and opportunistic buying during market pullbacks as prudent strategies.
Bitcoin price volatility
Bitcoin had a surge yesterday after Federal Reserve Governor Christopher Waller signaled a major shift in U.S. crypto policy, announcing a “skinny master account” program. This initiative would give eligible fintechs and digital-asset firms limited, direct access to the Fed’s payment system, bypassing traditional banks.
Since then, the price has slowly bled down over the last 24 hours.
Bitcoin price surged past $125,500 in early October 2025, hitting new all-time highs as political gridlock in Washington and expectations of Federal Reserve rate cuts drove investors toward alternative assets.
The price rose over 13% in a week, rebounding from $109,000 to nearly $126,000, supported by inflows into spot Bitcoin ETFs and growing institutional demand. The market really viewed Bitcoin’s climb as a safe-haven response to fiscal uncertainty. There were projections and potential targets of $135,000 to $200,000 by year-end.
The rally coincided with Bitcoin’s seasonal “Uptober” trend, historically its strongest quarter. Gold also extended its record run this month as well, rising to $4,381 per ounce amid central bank buying and dollar weakness.