Bitcoin crash to below $100k ‘inevitable’ by this weekend, warns banking giant

Bitcoin’s ( BTC ) ongoing price volatility may extend into the weekend and could culminate in the asset dropping below the crucial $100,000 mark, according to an outlook by Standard ￰0￱ bank’s global head of digital assets research, Geoffrey Kendrick, said this drop seems inevitable but may prove temporary and could set the stage for Bitcoin’s next major rally. “The question now is how far does Bitcoin need to fall before finding a base. A dip below $100,000 seems inevitable, although the dump may be short-lived,” he ￰1￱ Chartered’s warning follows Bitcoin’s sharp reversal from an all-time high above $126,000 earlier this ￰2￱ cryptocurrency’s rally stalled on October 10 after renewed U.

S.–China trade tensions sparked a $19 billion market liquidation, its largest in ￰3￱ correction pushed prices to a four-month low near $104,000 before ￰4￱ the near-term weakness, Kendrick remains optimistic that Bitcoin’s decline will form a base for another leg ￰5￱ noted that tightening liquidity conditions and shifts between gold and Bitcoin remain key indicators for market stabilization. A brief rebound earlier this week coincided with a selloff in gold, suggesting a growing “sell gold, buy Bitcoin” flow that could signal a bottom forming. Currently, Standard Chartered expects Bitcoin exchange-traded fund ( ETF ) inflows and favorable macroeconomic conditions, including potential Federal Reserve rate cuts, to support a recovery.

Bitcoin’s next record high Kendrick’s base case remains bullish for the months ahead, projecting that Bitcoin could climb to $200,000 by year-end and extend its longer-term target to $500,000 by 2028. “As the dust settles after the massive liquidation event, investors may see it as a buying ￰6￱ official forecast is $200,000 by the end of the year,” he added. Notably, Standard Chartered’s outlook holds weight, given its accurate call for Bitcoin to hit $100,000 by the end of ￰7￱ had consistently backed this view, pointing to catalysts like the ￰8￱ election, rising institutional ETF inflows, and the Bitcoin ￰9￱ the time of writing, Bitcoin was trading near $108,474, down roughly 5% over the past 24 ￰10￱ image via Shutterstock