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- Geoffrey Kendrick and analysts view Bitcoin’s recent drop as a temporary correction, presenting a prime “buy the dip” opportunity.
- Strong macro fundamentals, including lower rates and disinflationary trends, reinforce Bitcoin’s long-term bullish outlook despite short-term volatility.
Bitcoin’s recent slide below $100,000 has sparked mixed reactions from analysts. While some predict a deeper pullback, Geoffrey Kendrick, global head of digital asset research at Standard Chartered Bank, sees it as a golden opportunity to “buy the dip.”
In line with the latest developments shared by CNF, Standard Chartered Bank launched crypto custody services in Luxembourg to serve institutional clients across the European Union. According to Kendrick, the selloff was triggered by overblown expectations surrounding Trump’s recent crypto executive order and a tech-driven Nasdaq correction led by Nvidia’s 15% drop.
Bitcoin, which fell from $105,000 to a low of $98,000 over the weekend, has since stabilized near $99,800. Kendrick believes the worst may be over, citing the rapid decline in U.S. Treasury yields as a positive signal. He noted that the market had priced in unrealistic hopes for Trump’s crypto policies, and the recent selloff likely flushed out much of the excess.
A Knee-Jerk Reaction in a Bullish Market
According to a tweet by The LondonCryptoClub, analysts echoed Kendrick’s sentiment, labeling the selloff as a “knee-jerk reaction” and a local low within a broader bull market. They emphasized strong macro fundamentals, urging investors to “buy the dip” amidst temporary fear and uncertainty. Specifically, they highlighted:
The DeepSeek FUD is a classic shoot-first, ask-questions-later scenario. From a macro point of view, cheaper AI adds to our big picture disinflationary view of the world, which will continue to see rates move lower and necessitate more debt monetization, which is positive for Bitcoin (and will also feed back into broader risk).
Despite short-term turbulence, corrections like these often signal turning points in bullish trends, they argued.
Cautious Optimism Amid Market Volatility
In addition, a late 2024 CNF post had previously highlighted growing optimism, with Standard Chartered predicting ETH at $10K and Bitcoin at $200K in the Trump Era. Despite this progression toward a bullish market, while the broader Nasdaq 100 dropped 3% and Bitcoin faced a 4% decline, analysts remain cautiously optimistic.
Kendrick acknowledged potential challenges ahead, including upcoming U.S. tech earnings and the Federal Reserve’s January meeting. However, he remains confident that Trump’s crypto-related actions will yield long-term benefits, including increased institutional flows into the digital asset space.
As Bitcoin hovers around the $100,000 mark, market watchers are divided on its next move. For now, the advice from Kendrick and others is clear: stay calm, seize the opportunity, and buy the dip.
At the time of writing, Bitcoin (BTC) is trading at $103,200.60 with an increase of 3.14% in the past day and 1.63% in the past week. See BTC price chart below.
