Standard Chartered analyst Geoff Kendrick has predicted that the Bitcoin price could suffer a significant crash below $100,000. This comes amid the rising tensions between the U.S. and China, which have so far sparked a bearish sentiment in the crypto market.
Standard Chartered Predicts Bitcoin Dip Below $100,000
In a note to investors, Kendrick stated that he expects BTC to fall below $100,000 amid trade-war concerns, though the dip is likely to be brief. Based on this, the analyst suggested that any dip may be a good buying opportunity, especially as he expects the flagship crypto to reach new highs this year.
Notably, the Bitcoin price has continued to decline amid the trade tensions between the U.S. and China. BTC crashed to as low as $104,000 two weeks ago when U.S. President Donald Trump first announced a 100% tariff on China.
Since then, the flagship crypto has continued to show weakness, pulling back at the slightest sign of a rebound. Trump has also contributed to bearish sentiment in the crypto market, indicating on multiple occasions that there was no guarantee he would strike a trade deal with China, even though he wants a fair deal between the two countries.
The U.S. president also recently threatened a 155% tariff on China if they are unable to strike a deal before the November deadline when the 100% tariffs are meant to go into effect. Trump confirmed that he will meet with China’s President Xi Jinping at the APEC Summit next week, though he also said the meeting may not take place. Bitcoin sharply lost most of its intraday gains following Trump’s statement yesterday.
BTC Still On Track To Reach $200,000 By Year’s End
The Standard Chartered analyst is still confident that Bitcoin will reach $200,000 by the end of the year. The analyst told Cointelegraph that as the market cools off from the $19 billion liquidation event, investors may see it as a buying opportunity, which could fuel the BTC rally to this $200,000 target.
Meanwhile, despite the current market volatility, the analyst is confident that the BTC price will rebound as the markets stabilize. Kendrick also mentioned that the flagship crypto could at least reach $150,000 as the bear case, despite the Trump tariffs.
He believes that further Fed rate cuts could be one of the catalysts driving this Bitcoin rally. The Standard Chartered analyst also alluded to sustained inflows into BTC ETFs as the primary driver of BTC’s bullish momentum.