Bitcoin’s slide below $100,000 “seems inevitable” by this weekend, according to Standard Chartered’s global head of digital assets research Geoffrey Kendrick, who said the decline could be short-lived and present a buying opportunity.
Kendrick said bitcoin’s rally to an all-time high above $126,000 on Oct. 6 was interrupted by renewed U.S.–China trade-war fears that triggered a selloff on Oct. 10.
“The question now is how far does bitcoin need to fall before finding a base,” he wrote, adding that “a dip below $100,000 seems inevitable, although the dump may be short-lived.”
Kendrick said he is monitoring gold-to-bitcoin flows as a key signal for when bitcoin might stabilize and move higher. A sharp gold selloff earlier this week coincided with an intraday rebound in bitcoin — a move he described as a “sell gold, buy bitcoin” flow. He added that such rotations could become more frequent, “and further such evidence would be constructive for a bitcoin low being formed.”
Kendrick also pointed to liquidity conditions and technical support levels as indicators of a near-term turnaround. Several liquidity measures have been tightening, he said, adding: “The question for me is when does the Fed [the U.S. Federal Reserve] see them as ‘tight’ and react by either acknowledging said measures or stopping QT [quantitative tightening].”
Kendrick noted that bitcoin’s 50-week moving average — a key technical level — has held since early 2023, when the cryptocurrency traded near $25,000, and he had forecast it would reach $100,000 by end-2024.
Kendrick said that investors should “stay nimble and ready to buy the dip below $100,000 if it comes,” calling it “the last time bitcoin is EVER below” that level.
Bitcoin is currently trading around $108,200, down about 4% in the past 24 hours, according to The Block’s bitcoin price page.
Kendrick’s year-end target for bitcoin remains $200,000, and his 2028 projection stands at $500,000.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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