4 months ago
Bitcoin (BTC) could spot a turnaround this play aft six consecutive weekends of antagonistic returns, according to Standard Chartered caput of integer assets probe Geoffrey Kendrick.
In a probe enactment shared with CryptoSlate connected Feb. 14, Kendrick highlighted Bitcoin’s caller signifier of anemic play terms action, with each play since aboriginal January posting antagonistic returns.
He attributed the declines to market-moving headlines, including volatility tied to DeepSeek-related quality successful precocious January and tariff concerns connected Feb. 12.
However, with macroeconomic conditions improving and US enslaved yields trending lower, helium sees a higher probability of affirmative play performance.
“Given we person had the atrocious quality (as beneath re tariffs) and US 10Y yields are presently down connected the week (and precise importantly beneath 4.5%), I deliberation this play volition beryllium different.”
Market setup points to recovery
Kendrick analyzed Bitcoin’s day-of-week show successful 2024, noting that Mondays and Fridays person typically been the strongest trading days.
In contrast, play sessions person been lackluster, perchance exacerbated by little liquidity and risk-off sentiment among traders.
He suggested that a tiny affirmative catalyst implicit the play could punctual renewed ETF inflows connected Monday, helping Bitcoin interruption retired of its caller trading range. Kendrick noted:
“A tiny affirmative implicit the play tin pb to ETF buying Monday aft a week of ETF outflows.”
He added that Bitcoin could past trial cardinal intelligence levels astatine $100,000 and $102,500 since it is simply a “Giffen bully aft all,” referencing the economical mentation wherever request increases arsenic prices rise.
Despite caller weakness, Bitcoin has remained successful an uptrend, gaining much than 20% year-to-date.
Tariff uncertainty
Beyond Bitcoin’s method outlook, Kendrick besides discussed broader macroeconomic developments, peculiarly the interaction of US ostentation information and shifting expectations astir erstwhile President Donald Trump’s imaginable policies.
US Treasury yields declined pursuing a softer-than-expected Consumer Price Index (CPI) study earlier successful the week and a weaker-than-expected Producer Price Index (PPI) speechmaking connected Feb. 14.
The 10-year Treasury yield, which investors intimately ticker arsenic a gauge of borrowing costs and hazard appetite, remained beneath 4.5%, a level Kendrick sees arsenic constructive for integer assets.
According to the analyst:
“If latest headlines are to beryllium believed, we are past atrocious Trump from a tariff perspective, with reciprocal tariffs lone taking effect April 1.”
He besides suggested that optimism astir a imaginable Russia-Ukraine bid woody could further displacement marketplace sentiment. He noted:
“On the imaginable of a Russia-Ukraine bid deal, we whitethorn beryllium yet moving from atrocious Trump to bully Trump arsenic acold arsenic hazard assets are concerned.”
Kendrick reiterated his bullish stance connected Bitcoin, suggesting that if these macro factors hold, the crypto could beryllium connected way to deed $102,500 successful the adjacent term.
Based connected CryptoSlate data, Bitcoin was trading astatine $97,348 arsenic of property time, up 2% implicit the past 24 hours.
The station StanChart optimistic astir Bitcoin breaking streak of reddish weekends appeared archetypal connected CryptoSlate.
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