Standard Chartered Warns Bitcoin Faces Critical Support Test—What’s Next for BTC?
Bitcoin (BTC) faces a critical support test as short-term price action could determine its future trajectory, according to Geoff Kendrick, head of digital assets research at Standard Chartered. The analyst highlighted the $69,000–$76,500 range as pivotal, suggesting this zone may dictate Bitcoin’s medium-term direction.
Short-Term Risks
Kendrick emphasized that Bitcoin’s price action within the $69,000–$76,500 range could signal broader market sentiment. A breakdown below this zone might trigger further declines, while holding above could indicate resilience. He also noted the impact of macroeconomic uncertainty, including U.S. President Donald Trump’s proposed tariffs, which have sparked market volatility.
MicroStrategy’s Stake
The analyst drew attention to MicroStrategy (MSTR), whose average Bitcoin acquisition cost sits near $65,000. If Bitcoin dips toward the lower end of the $69,000–$76,500 range, MSTR’s holdings could face significant pressure, potentially impacting its stock price.
Correlation with Equities
Kendrick highlighted Bitcoin’s growing correlation with the Nasdaq, noting that recent declines in tech stocks have contributed to downward pressure on BTC. This linkage suggests Bitcoin’s price may continue to react to broader market trends.
Long-Term Outlook
Despite short-term risks, Kendrick remains bullish on Bitcoin’s long-term potential. He projects a price of $200,000 by year-end and $500,000 by 2028, driven by institutional adoption and regulatory clarity. Pro-crypto policies under the Trump administration could further accelerate this trend.
Market Sentiment
The analyst cautioned against short-term panic selling, urging investors to consider Bitcoin’s fundamentals. He noted that while ETF outflows and hedge fund short positions pose risks, institutional inflows could stabilize the market over time.
