cryptoslate.com
Bitcoin (BTC) is currently under pressure from macro risks and any retracement below $90,000 presents a “medium-term” buying opportunity, according to Standard Chartered head of digital assets research Geoffrey Kendrick.
In a Jan. 14 research note, Kendrick emphasized the value of strategic accumulation despite ongoing market turbulence. He added that the price falling below key support could offer a favorable entry point as the lender’s long-term projections for Bitcoin remain unchanged.
Kendrick stated:
“If we do get a break below (which I could see to the low USD80,000s if 90k goes properly) I would view it as an excellent medium-term buying opportunity.”
Macro risks
Bitcoin is currently trading near $90,000, facing pressure from several macroeconomic factors, including anticipated US CPI data and heightened expectations of policy announcements tied to President Donald Trump’s Jan. 20 inauguration.
Analysts are split on whether the inauguration will be a sell-the-news event that could further exacerbate the current downturn. However, almost no one doubts that a sustained break below $90,000 could lead to further declines, potentially testing the $80,000 level.
Additionally, ETF unwinding is also a significant concern, with Kendrick noting that the average Bitcoin purchase price for spot ETFs and MicroStrategy holdings since the US election is approximately $94,000.
A break below this threshold may trigger additional sell-offs and increase volatility across digital assets. He explained:
“Convexity risks remain high, and the market could face cascading pressure if the $90,000 level fails to hold.”
Long-term optimism
Despite the short-term risks, Standard Chartered reaffirmed its long-term price target of $200,000 for Bitcoin by the end of 2025, reaffirming previous predictions.
The projection is underpinned by expectations of robust institutional inflows and favorable economic policies under the new US administration.
In the meantime, Standard Chartered advised investors to adopt a cautious approach in the near term while monitoring for strategic buying opportunities.
For now, Bitcoin has managed to remain firmly above the $90,000 level. As of press time, the flagship crypto was trading at $96,593, based on CryptoSlate data.