Bitcoin May Drop Below $100,000, Presenting New Opportunities

According to the world-renowned bank Standard Chartered, the price of Bitcoin may drop temporarily below 100,000 dollars by the weekend. However, this decline has the potential to present a significant buying opportunity for investors. While the sharp wave of selling experienced in the crypto market on October 10 continues to have an effect, Standard Chartered's Head of Digital Asset Research Geoffrey Kendrick stated that it is inevitable for Bitcoin to dip below 100,000 dollars by this weekend.

Kendrick emphasized that this decline would not be permanent and could offer a historic buying opportunity for long-term investors. According to him, the rise of Bitcoin to 126,000 dollars on October 6 aligned with short-term targets but was halted due to US-China trade tensions and macroeconomic uncertainties. The analyst remarked, "The question now is: where will Bitcoin establish a bottom?”

Kendrick pointed out three main signs indicating a market reversal. First, he highlighted the capital flow shifting from gold to Bitcoin. He noted that the sharp sales in gold recently corresponded with temporary recoveries in Bitcoin, indicating a “sell gold, buy Bitcoin” cycle. Secondly, he added that he believes the Federal Reserve's tightening policies should be nearing an end; the increasingly tightening liquidity indicators may provide the Federation an opportunity to respond to this situation, potentially paving the way for Bitcoin to find a strong upward momentum again.

Kendrick drew attention to the fact that Bitcoin has maintained its 50-week moving average since the beginning of 2023. He viewed the maintenance of this technical level as a positive signal, stating, “This decline will be short-lived, and this will be the last time Bitcoin is seen below six-figure prices.” The Standard Chartered analyst predicts that the price of Bitcoin could reach 200,000 dollars by the end of the year and 500,000 dollars by the year 2028. Kendrick urged investors to be prepared for any drop below 100,000 dollars, cautioning that this opportunity may not come again.