Bitcoin has been under pressure from the recently increasing NASDAQ correlation, while Geoffrey Kendrick from Standard Chartered offered investors an important opportunity: the strategy of buying from the bottom. The strategist of the giant bank also shared a large Bitcoin estimation. Here are the details…
Bitcoin estimated from the standard chartered specialist
Geoffrey Kendrick from Standard Chartered proposed to buy from the bottom in Bitcoin, which was under pressure due to increasing correlation with Nasdaq. Kendrick used the following statements:
BTC continues to show a much stronger correlation than Nasdaq and gold.
Kendrick said that the decline in 3 %Nasdaq futures triggered by the news about Deepseek caused serious liquidations in the crypto market during the night and strengthened the bond between the crypto and the technology sector. NASDAQ 100 futures decreased by 3.3 %before the opening today, and many technology shares followed this decline. Nvidia suffered more than 13 %depreciation after Deepseek, the Chinese artificial intelligence attempt, introduced the flagship of the R1 artificial intelligence model. Because this artificial intelligence compete with OpenAI’s talents. Kendrick used the following statements:
Currently, the risk is that the sales in Nasdaq continue during the US session, this week’s earnings reports (Microsoft, Meta and Tesla’s statements on Wednesday) and on Wednesday, most likely FOMC’s disappointment. In this case, we can approach other important levels for BTC. In particular, the average purchase level for BTC ETFs since the US elections is currently around $ 96,400.
Trump’s crypto execution decision is on the agenda
Kendrick also discussed the announcement of the execution decision on the crypto from Donald Trump last week. This decision was related to the assignment of a study group to evaluate the stock of the national crypto assets. Kendrick said that the announcement added uncertainty to the market:
My disappointment was two -way. First of all, the term ‘stock’ seems to express the assets that are seized rather than the reserve ‘reserve, not the purchased assets. Secondly, the execution decision has been completed and the next steps have to pass through the Congress, which will take time.
However, because the news of the Trump administration is now announced to the public, Kendrick said, “The disappointment/confusion and therefore the ‘hope of hope’ has ended,” he said. He said that the next stage was “making purchases from the bottom”.
Last week, Kendrick explained that he had foreseen three stages: “The moment the hope is over,” “Receiving from the bottom,” and “Altcoin Alpha.” In the second stage, Kendrick predicted that corporate money will dominate the market and reiterated Standard Chartered’s 200,000 dollars in BTC for the end of the year and $ 10,000 in ETH.
