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Standard Chartered analyst: Short-term bottom for BTC in $85,000 to $88,700 range

Standard Chartered analyst: Short-term bottom for BTC in $85,000 to $88,700 range

Bitget2024/11/26 21:24

Geoff Kendrick, Head of Global Digital Asset Research at Standard Chartered, attributes the recent market turmoil, which included a drop in Bitcoin and a rise in long-term US Treasuries, to a decline in the US Treasury term premium. The term premium is the extra return investors demand for holding long-term bonds rather than rolling over short-term bonds. Since Bitcoin is often seen as a hedge against instability in traditional financial markets, increased confidence in U.S. Treasuries could diminish Bitcoin's appeal in the short term, leading to a decline in its price. Kendrick said, ‘MicroStrategy's purchases show no signs of slowing down and they are unlikely to sell, but the average purchase price of $88,700 for ETFs and MSTR since the election could be a short-term bottom, with bitcoin likely to consolidate in the $85,000 to $88,700 range and then resume its upward trajectory.’

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