Standard Chartered Bank: Bitcoin's decline is due to the weakness of U.S. stocks, with catalysts helping BTC to look towards $200,000 by the end of the year
Jeff Kendrick, an analyst at Standard Chartered Bank, stated that the recent decline in Bitcoin is linked to the general recession in the risky asset market, rather than issues related to its own fundamentals. He noted that after adjusting for volatility, Bitcoin's performance is relatively stable compared to the seven giants in the U.S. stock market. (Background: Standard Chartered Bank: Bitcoin may test the key support level from $69,000 to $76,500 in the short term) (Additional background: Bitcoin broke $83,000) Ukraine agrees to a 30-day ceasefire, Trump cancels 50% of retaliatory tariffs on Canadian steel and aluminum. In the context of Ukraine's announcement today of a 30-day ceasefire plan and the U.S. suspension of 50% tariffs on Canadian steel and aluminum products, Bitcoin rebounded from around $79,000 in the past 24 hours to $83,000 before the deadline, with an accumulated increase of nearly 5%. The recession in risky assets pulls Bitcoin down. This relationship, closely related to the general economy and Bitcoin, aligns with the analysis of Standard Chartered Bank analyst Jeff Kendrick. He pointed out that Bitcoin's recent price trend is closely linked to the broader recession in the risky asset market, rather than inherent issues in cryptocurrencies. The decline in Bitcoin is primarily influenced by general market sentiment, rather than 'internal issues related to Bitcoin itself.' He added that based on volatility adjustments, Bitcoin's performance among the group of 'the seven giants in the U.S. stock market + Bitcoin' is relatively stable, indicating that Bitcoin has not actually declined significantly: after adjusting for volatility, Tesla's performance was the worst, while Meta and Apple were the strongest, with other assets comparable to Bitcoin.
