Standard Chartered's top crypto analyst sees a dip coming for Bitcoin.
Geoff Kendrick, global head of digital assets research at the bank, wrote Wednesday that "a dip below $100,000 seems inevitable, although the dump may be short-lived."
He's not backing off his bullish stance though. Kendrick confirmed his year-end price target of $200,000 remains unchanged. That would mean Bitcoin nearly doubles from current levels around $108,200.
If Bitcoin does drop below $100,000, it may be "the last time" it falls below that psychological barrier, Kendrick wrote. But he acknowledged nobody truly knows how far it will fall "before finding a base."
Bitcoin has been sliding for over two weeks.
The cryptocurrency peaked at an all-time high of $126,000 about 16 days ago. Since then, it's fallen roughly 12%.
Kendrick described recent selling as a "fear-driven selloff" fueled by tariff concerns. Tensions between the U.S. and China over trade have investors nervous, and Bitcoin is getting hit as a risk asset.
This isn't the first time tariffs hammered crypto. In April, Bitcoin plunged as low as $76,300 after the White House unveiled "reciprocal" tariffs on most nations. That was a much steeper drop.
Bitcoin bulls have been banking on seasonal strength.
Historically, October and November are Bitcoin's strongest months. According to CoinGlass, since 2013 Bitcoin has risen an average of: • 19.8% in October • 46% in November
That's where the term "Uptober" comes from. Crypto traders expect October to be bullish.
But so far this October hasn't delivered. Bitcoin is down, not up. And the month is more than halfway over.
Kendrick's prediction suggests "Uptober" might still happen - just after a quick dip below $100K first.
Standard Chartered's $200,000 year-end target is aggressive.
Bitcoin would need to gain roughly 85% in two and a half months to hit that level. That's a massive move even for volatile crypto markets.
What would drive it there? Kendrick hasn't detailed the catalyst, but potential factors include: • Federal Reserve rate cuts making risk assets more attractive • Institutional adoption continuing to grow • Halving cycle dynamics (though the 2024 halving already occurred) • ETF inflows accelerating
The bank has been bullish on Bitcoin for months. Maintaining the $200K target despite recent weakness shows conviction.
Bitcoin briefly dipped as low as $104,800 recently. That's not far from the $100,000 level Kendrick expects it to breach.
If $100K breaks, the next support levels might be: • $95,000 • $90,000 • $85,000
How far Bitcoin falls depends on whether buyers step in or panic selling accelerates. Kendrick's "short-lived" comment suggests he expects strong buying once BTC hits perceived bargain levels.
Bitcoin's recent struggles fit broader risk-off sentiment.
Global markets are jittery about: • U.S.-China trade tensions • Economic uncertainty • Persistent inflation • Geopolitical instability
When investors get nervous, they typically sell volatile assets like crypto first. Bitcoin often behaves like a leveraged tech stock during risk-off periods.
The fact that Bitcoin held above $100,000 during recent volatility shows underlying strength. But Kendrick thinks one more flush lower is likely before the next leg up.
Standard Chartered is calling for a shakeout followed by a massive rally.
The bank thinks Bitcoin dips below $100,000 briefly - possibly the last time it sees five figures. Then it doubles to $200,000 by year-end.
That's a bold call. It requires Bitcoin to reverse recent losses and then surge dramatically in less than three months.
For traders, Kendrick's prediction suggests watching the $100,000 level carefully. If Bitcoin breaks below and quickly recovers, that could be the buying opportunity he's describing.
For skeptics, a $200,000 year-end target looks increasingly unlikely as October winds down with BTC still struggling. The seasonal "Uptober" strength hasn't materialized, and tariff fears keep weighing on risk assets.
The "last time below $100K" framing is interesting. It implies Kendrick thinks Bitcoin establishes a permanent new floor above six figures after this potential dip.
Whether he's right depends on factors largely outside crypto's control - Federal Reserve policy, trade war developments, and broader market sentiment. Bitcoin doesn't trade in isolation anymore. It moves with risk appetite.
If trade tensions ease and the Fed cuts rates aggressively, Kendrick could be proven right. If tensions escalate and economic data weakens, $100,000 might not be the floor - it could be a ceiling Bitcoin struggles to reclaim.
The next few weeks will be critical. October is running out. For "Uptober" and Standard Chartered's $200K target to play out, Bitcoin needs to stop falling and start rallying soon.