Standard Chartered Bank recommends buying Bitcoin below $90,000, reaffirms year-end price forecast of $200,000.

Bitcoin (Bitcoin) is currently under pressure from macro risks and any bounce below $90,000 represents a “medium-term” buying opportunity, according to Standard Chartered Head of Digital Assets Research Jeffrey Kendrick.

In a research note dated January 14, Kendrick emphasized the value of strategic accumulation despite ongoing market turmoil. He added that a price drop below the key support level could provide a favorable entry point such as the lender’s entry point Long-term forecast for Bitcoin remain unchanged.

Kendrick stated:

“If we get a break below (which I could see at the $80K level if the $90K level goes right) I would consider it an excellent medium-term buying opportunity.”

Overall risks

Bitcoin is currently trading near $90,000, facing pressure from several macroeconomic factors, including expected US CPI data and a rising rally. Expectations from political advertising Associated with the president Donald Trump January 20 opening.

Analysts are divided on whether the inauguration will be a news-selling event that could worsen the current downturn. However, almost no one doubts that a sustained break below $90,000 could lead to further declines, perhaps testing the $80,000 level.

Additionally, ETF cannibalization is also a major concern, with Kendrick noting that the average Bitcoin purchase price for spot ETFs and MicroStrategy holdings since the US election is around $94,000.

A break below this threshold could lead to additional selling and increased volatility across digital assets. He explained:

“Convexity risks remain high, and the market could face cascading pressures if the $90,000 level fails to hold.”

Long-term optimism

Despite the short-term risks, Standard Chartered Bank… It reiterated its long-term price target $200,000 for Bitcoin by the end of 2025, confirming previous expectations.

This forecast is based on expectations of strong institutional flows and favorable economic policies under the new US administration.

Meanwhile, Standard Chartered advised investors to adopt a cautious approach in the near term while monitoring strategic buying opportunities.

Currently, Bitcoin has managed to stay firmly above the $90,000 level. As of press time, the flagship cryptocurrency was trading at $96,593, based on Cryptocellite Data.

mentioned in this article