Will Bitcoin’s Correction Continue or is it a Good Time to Buy?

Bitcoin’s recent dip to approximately $91,500 has left investors speculating about the possibility of further declines.

Standard Chartered has weighed in with new projections, shedding light on what may lie ahead for the leading cryptocurrency.

Geoff Kendrick, an analyst at Standard Chartered, shared insights suggesting that Bitcoin’s short-term downward trend might persist. He indicated the potential for BTC to dip below $88,000 during this phase of market correction. Despite this near-term bearish outlook, the bank reaffirmed its earlier forecasts, maintaining that Bitcoin could reach $125,000 by the year’s end and climb to $200,000 by 2025.

Kendrick also highlighted a surge in Bitcoin acquisitions by ETFs and companies like MicroStrategy since the last U.S. presidential election. The average price of these purchases stands at around $88,700. Based on this figure, Kendrick anticipates Bitcoin could temporarily drop below this threshold before its current correction concludes.

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For those considering entry points, Kendrick recommends accumulating Bitcoin between $85,000 and $88,700. He remains optimistic about Bitcoin’s long-term potential, reiterating the expectation of a significant rally toward $125,000 by the close of 2024 and $200,000 in the next two years.

Kosta Gushterov