5 months ago
Bitcoin (BTC) is presently nether unit from macro risks and immoderate retracement beneath $90,000 presents a “medium-term” buying opportunity, according to Standard Chartered caput of integer assets probe Geoffrey Kendrick.
In a Jan. 14 probe note, Kendrick emphasized the worth of strategical accumulation contempt ongoing marketplace turbulence. He added that the terms falling beneath cardinal enactment could connection a favorable introduction constituent arsenic the lender’s long-term projections for Bitcoin stay unchanged.
Kendrick stated:
“If we bash get a interruption beneath (which I could spot to the debased USD80,000s if 90k goes properly) I would presumption it arsenic an fantabulous medium-term buying opportunity.”
Macro risks
Bitcoin is presently trading adjacent $90,000, facing unit from respective macroeconomic factors, including anticipated US CPI information and heightened expectations of argumentation announcements tied to President Donald Trump’s Jan. 20 inauguration.
Analysts are divided connected whether the inauguration volition beryllium a sell-the-news lawsuit that could further exacerbate the existent downturn. However, astir nary 1 doubts that a sustained interruption beneath $90,000 could pb to further declines, perchance investigating the $80,000 level.
Additionally, ETF unwinding is besides a important concern, with Kendrick noting that the mean Bitcoin acquisition terms for spot ETFs and MicroStrategy holdings since the US predetermination is astir $94,000.
A interruption beneath this threshold whitethorn trigger further sell-offs and summation volatility crossed integer assets. He explained:
“Convexity risks stay high, and the marketplace could look cascading unit if the $90,000 level fails to hold.”
Long-term optimism
Despite the short-term risks, Standard Chartered reaffirmed its semipermanent terms target of $200,000 for Bitcoin by the extremity of 2025, reaffirming erstwhile predictions.
The projection is underpinned by expectations of robust organization inflows and favorable economical policies nether the caller US administration.
In the meantime, Standard Chartered advised investors to follow a cautious attack successful the adjacent word portion monitoring for strategical buying opportunities.
For now, Bitcoin has managed to stay firmly supra the $90,000 level. As of property time, the flagship crypto was trading astatine $96,593, based connected CryptoSlate data.
The station StanChart recommends buying Bitcoin beneath $90,000, reaffirms $200k year-end terms projection appeared archetypal connected CryptoSlate.
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