Standard Chartered Bank analyst: The recent decline in Bitcoin is related to the overall weakness of risk assets, but it is still expected to rise to $200,000 in the long term

Standard Chartered Bank's digital asset research director, Geoff Kendrick, stated that the recent price fluctuations of Bitcoin are consistent with the performance of risk assets such as the "US stock market giants", rather than issues inherent to cryptocurrency itself. He pointed out that Bitcoin's decline is mainly affected by overall market sentiment and its future rebound may depend on two major catalysts: a general recovery of risk assets or positive news about Bitcoin (such as sovereign purchases by the United States or other countries). If the Federal Reserve quickly turns to cutting interest rates (for example, if the probability of a rate cut in May rises from 50% to 75%), it could drive a Bitcoin rebound; however, if the downward trend continues, Bitcoin could fall below $76,500 and test support at $69,000. Despite short-term pressures, Kendrick remains optimistic about Bitcoin's long-term prospects and predicts it will reach $200k by end-2025. He emphasized that current market volatility has increased the likelihood of Fed rate cuts further consolidating his long-term bullish view. Meanwhile Trump’s tariff policy and Fed’s interest rate decisions will continue to affect market sentiment bringing uncertainty for bitcoin trends.