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Standard Chartered Recommends Buying Bitcoin Below $90,000, Reaffirms $200k Year-End Price Target
Bitcoin (BTC) is currently facing pressure from macroeconomic risks, and any retracement below $90,000 presents a “medium-term” buying opportunity, according to Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered.
In a Jan. 14 research note, Kendrick emphasized the value of strategic accumulation despite ongoing market turbulence. He added that a drop below key support could offer a favorable entry point, as the bank’s long-term projections for Bitcoin remain unchanged.
Kendrick stated:
“If we do get a break below (which I could see to the low USD80,000s if 90k goes correctly) I would view it as a good medium-term buying opportunity.”
Macro risks
Bitcoin is currently trading near $90,000, facing pressure from several macroeconomic factors, including anticipated US CPI data and heightened expectations of policy announcements tied to President Donald Trump’s Jan. 20 inauguration.
Analysts are divided on whether the inauguration will trigger a “sell-the-news” event that could further exacerbate the current downturn. However, few doubt that a sustained break below $90,000 could lead to further declines, potentially testing the $80,000 level.
Additionally, ETF unwinding remains a significant concern. Kendrick noted that the average Bitcoin purchase price for spot ETFs and MicroStrategy holdings since the US election is approximately $94,000.
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A break below this threshold could trigger additional sell-offs and increase volatility across digital assets. He explained:
“Convexity risks remain high, and the market could face cascading pressure if the $90,000 level fails to hold.”
Long-term optimism
Despite short-term risks, Standard Chartered reaffirmed its long-term price target of $200,000 for Bitcoin by the end of 2025, maintaining its previous predictions.
The projection is underpinned by expectations of strong institutional inflows and favorable monetary policies under the new US administration.
In the meantime, Standard Chartered advised investors to adopt a cautious approach in the near term while monitoring for strategic buying opportunities.
For now, 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 CryptoSlate data.
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