Analyst Maintains Bullish Target of $200000 of BTC
According to a report by TheBlock, Geoff Kendrick, Head of Digital Asset Research at Standard Chartered Bank, believes that the decline in Bitcoin is driven by overall market sentiment rather than "issues specific to Bitcoin itself." He still maintains a bullish target of $200,000 for Bitcoin by the end of the year.
The recovery may rely on two major catalysts: a broad rebound in risky assets or positive news from sovereign countries such as the United States purchasing Bitcoin. Regarding risky assets, Kendrick believes that tariff policies need to be clarified or the Federal Reserve needs to quickly pivot towards rate cuts. "If the probability of a rate cut at the May meeting rises from the current 50% to 75%, it could trigger a rally." In a bearish scenario, he warns that if Bitcoin falls below $76,500, it could quickly test the support level of $69,000. However, he reaffirms his long-term bullish stance, expecting Bitcoin to reach $200,000 by the end of 2025. "Short-term fluctuations do not undermine the $200,000 target. The current market noise actually increases the probability of a rate cut and strengthens long-term confidence."
As the cryptocurrency market fluctuates, analysts continue to project optimism for Bitcoin's price trajectory. Geoff Kendrick stated that the challenges Bitcoin faces are associated with general market sentiment rather than intrinsic issues with the coin itself. He emphasizes that two catalysts could trigger a significant price recovery: a rebound in risky assets or favorable developments, such as U.S. national purchases of Bitcoin. A key element in the current landscape is the Federal Reserve's potential adjustments to interest rates. Kendrick notes that if the probability of a rate cut increases from 50% to 75%, it might lead to a bullish response from the market. Additionally, he highlights that Bitcoin needs to remain above certain support levels, notably $76,500 and $69,000, to maintain confidence among investors. The mix of short-term price fluctuations and long-term bullish projections indicates a complex but potentially rewarding path for Bitcoin in the coming years.
