The Bitcoin market has experienced some fluctuations recently. Geoff Kendrick, head of digital asset research at Standard Chartered Bank, pointed out that this is mainly due to changes in the U.S. Treasury market. With the decline in the term premium of U.S. Treasuries, market confidence has been boosted, which may temporarily weaken the appeal of Bitcoin as a hedging tool.

However, Kendrick remains optimistic, expecting Bitcoin to reach $125,000 by the end of the year, and potentially even $200,000 by the end of 2025. It's worth noting that the options expiration this Friday could put short-term pressure on Bitcoin prices.

Data shows that since the U.S. election, spot Bitcoin ETFs and MicroStrategy have been actively buying Bitcoin, forming a short-term support level. Kendrick expects Bitcoin to consolidate in the range of $85,000 to $88,700 before continuing to rise. 📈