Can changes in the U.S. Treasury market actually influence the price trends of Bitcoin? Kendrick's views provoke deep thought about the future of Bitcoin; how much do you understand about these subtle yet profound connections?
Geoff Kendrick, head of digital asset research at Standard Chartered Bank, recently pointed out that the decline in term premiums in the U.S. Treasury market is quietly weakening Bitcoin's appeal as a safe-haven asset in financial markets, which may be one of the important factors behind the recent decline in Bitcoin prices. A decrease in term premiums usually indicates increased investor confidence in long-term Treasury bonds, and this change in sentiment is directly reflected in the reduced demand for risk assets like Bitcoin. This change means less buying pressure in the short term, causing Bitcoin's price to face certain downward pressure.
And this is not all. Kendrick also mentioned the upcoming monthly options expiring, especially those contracts in the $85,000 to $100,000 range, with an open interest of up to 18,000 contracts, undoubtedly complicating and adding uncertainty to Bitcoin's price trends. These factors combined present a significant challenge to current market participants.
Despite this, Kendrick remains optimistic about Bitcoin's long-term prospects, reiterating his year-end target price of $125,000 for Bitcoin and boldly predicting that by the end of 2025, Bitcoin may break through to $200,000. This optimistic forecast not only expresses his strong confidence in Bitcoin's long-term value but also provides the market with a reference-worthy outlook.
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