According to BlockBeats, Geoff Kendrick, Head of Digital Asset Research at Standard Chartered Bank, attributes the recent decline in Bitcoin's value to overall market sentiment rather than issues inherent to Bitcoin itself. He maintains a bullish year-end target of $200,000 for Bitcoin.
Kendrick suggests that recovery may depend on two major catalysts: a rebound in risk assets or positive developments from sovereign nations like the United States purchasing Bitcoin. Regarding risk assets, Kendrick believes clarity in tariff policies or a swift pivot by the Federal Reserve towards interest rate cuts could be beneficial. He notes that if the probability of a rate cut at the May meeting increases from the current 50% to 75%, it might trigger a rebound.
In a bearish scenario, Kendrick warns that if Bitcoin falls below $76,500, it could quickly test the support level at $69,000. However, he reiterates his long-term bullish outlook, predicting Bitcoin will reach $200,000 by the end of 2025. He emphasizes that short-term fluctuations do not affect the $200,000 target, and current market noise may actually increase the likelihood of interest rate cuts, thereby strengthening long-term confidence.
