Standard Chartered Says Bitcoin’s Drop Below $100,000 May Be the Last Ever

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee and breathe as markets edge into another pivotal moment for Bitcoin (BTC). Some traders brace for a brief stumble below $100,000, while others prepare to buy what could be the final major dip before the next wave of momentum builds

Crypto News of the Day: Standard Chartered Watches Gold Flows, Liquidity, and Technicals for Bitcoin’s Next Big Turn

Geoff Kendrick, Head of FX and Digital Assets Research at Standard Chartered, believes a short-lived decline below $100,000 is likely for the Bitcoin price. However, he says this could mark the last time Bitcoin ever trades at that level.

“…stay nimble and ready to buy the dip below $100,000 if it comes,” Kendrick urged investors in an email commentary.

He said the potential dip could provide a final entry point before a renewed bull phase. According to Kendrick, three key forces will determine when Bitcoin turns higher:

Gold versus Bitcoin flows,
Liquidity indicators, and
Technical support levels.

Kendrick pointed to a notable pattern between gold and Bitcoin, saying Tuesday’s sharp gold selloff coincided with a strong intra-day bounce in Bitcoin. Kevin Rusher, founder of RAAC, ascribed the selloff to profit-taking, anticipating a prolonged period of price consolidation.

Nevertheless, Rusher says even if the price of gold flatlines, the precious metal will continue to provide risk management and diversification benefits in portfolios.