Since its recent historic high of $126,000, Bitcoin has been consolidating at around $110,000. This position is considered unstable by Standard Chartered analysts, who foresee an “inevitable fall” to $100,000. We take stock of the situation.
An “inevitable” return of Bitcoin to $100,000?
Making predictions about the price of Bitcoin is a perilous exercise. However, many analytical organizations are trying their luck, such as the investment bank Standard Chartered, which regularly publishes reports on the subject.
It must be said that the price of BTC is currently trading close to its support level of around $107,000. A bearish configuration of more than 10% has been in place since its last historic high of $126,000 on October 6, prompting some investors to exercise caution.
In light of this situation, Geoffrey Kendrick, head of crypto-asset research for British bank Standard Chartered, has just issued a rather pessimistic analysis in a note to his investors on October 22. This came at a time when BTC had once again broken through its support level, with a brief visit to $106,000 that was ultimately not confirmed on a daily time frame.
The question now is how far Bitcoin will fall before finding support. A drop below $100,000 seems inevitable.
Geoffrey Kendrick
A questionable status as digital gold
This decline comes amid an uncertain macroeconomic environment, largely destabilized by Donald Trump’s multiple announcements regarding his tariffs. Just look at how the market collapsed on October 11 following the announcement of a 100% tax on Chinese imports, immediately triggering one of the largest sell-offs in the history of cryptocurrencies.
This provided analysts with another opportunity to question Bitcoin’s status as digital gold. According to Carlos Guzman, senior analyst at research firm GSR, its behavior in the face of the current international political crisis is more similar to that of technology stocks than gold.
However, on October 21, the precious metal recorded one of its worst days since 2020, falling nearly 7% in 24 hours. Despite this, it is still up 58% since the beginning of the year, compared to 18% for BTC.
It is important to remember that Standard Chartered analysts announced last May that Bitcoin would reach $200,000 before the end of the year. This target was reaffirmed last July, which also allowed for a target of $500,000 before 2028.
This may be why Geoffrey Kendrick is toning down his comments somewhat, explaining that “this could well be the last time Bitcoin falls below $100,000.”
