Standard Chartered Predicts Bitcoin May Fall Under $100K 

Standard Chartered analyst Geoff Kendrick says Bitcoin could drop below $100,000 due to ongoing trade wars between the U.S. and China, which continue to erode investors’ confidence in the crypto market.

However, he thinks the drop will be short-lived and could be a good time to buy, as he still expects Bitcoin to reach new highs later this year.

Bitcoin Falls Amid Escalating U.S.- China Trade Tensions

Bitcoin’s price has continued to fall as U.S.-China trade tensions escalate, dropping to around $104,000 two weeks ago after President Donald Trump announced a 100% tariff on Chinese goods.

Since then, Bitcoin has stayed weak, falling whenever it tries to recover. Trump’s comments have also added pressure to the market, as he said several times that there is no guarantee of a trade deal with China, even though he wants a fair one.

Trump recently warned that he could raise tariffs on China to 155% if no deal is reached before the November deadline. He noted that he plans to meet China’s President Xi Jinping at the APEC Summit next week, but also hinted that the meeting might not happen.

Following his comments, Bitcoin lost most of its gains from earlier in the day.

Kendrick Sees Bitcoin Hitting $200K Despite Market Volatility

The Standard Chartered analyst believes Bitcoin could rise to $200,000 by the end of the year, as investors buy the dip after the recent $19 billion market sell-off.

Despite the ups and downs, he is confident that Bitcoin will bounce back once things settle and could still reach at least $150,000 even with Trump’s tariffs.

Kendrick expects more money to continue flowing into Bitcoin ETFs, which he believes will drive Bitcoin’s price higher later this year, noting that the current dip is likely setting up the next major move, mainly fueled by those ETF investments.

Recently, Bitcoin ETFs saw a strong comeback, gaining $477 million in new investments on Tuesday after four days of withdrawal caused by political tension.