According to Deep Tide TechFlow, on November 27, The Block reported that Geoff Kendrick, the global head of digital asset research at Standard Chartered Bank, stated that this BTC pullback is mainly influenced by changes in the U.S. Treasury bond market. He explained that the decline in the term premium of U.S. Treasuries has boosted market confidence, which may temporarily weaken Bitcoin's appeal as a hedge.
Nevertheless, Kendrick maintains his prediction that Bitcoin will reach $125,000 by the end of the year and expects it to hit $200,000 by the end of 2025. Notably, the upcoming options expiration this Friday is also putting short-term pressure on Bitcoin prices. Data shows that since the U.S. elections, approximately 77,000 Bitcoins have been accumulated by the spot Bitcoin ETF, while MicroStrategy has increased its holdings by 134,000 Bitcoins, with an average institutional purchase price of $88,700. Kendrick anticipates that this price level may become a short-term support, with Bitcoin consolidating in the range of $85,000 to $88,700 before continuing to rise.
