## Introduction
Bitcoin is experiencing a period of volatility that could potentially lead to a significant drop below the $100,000 mark. Standard Chartered, a prominent banking giant, has warned of this possibility but remains optimistic about the cryptocurrency’s future potential. Let’s delve into the details of this forecast and what it could mean for Bitcoin’s price movements in the near future.
### Bitcoin’s Price Volatility Forecast
Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, anticipates a potential drop in Bitcoin’s price below $100,000 in the upcoming weekend. However, Kendrick believes that this dip may be temporary and could pave the way for a new rally.
#### Possible Short-Term Dip Below $100,000
According to Kendrick, while a dip under $100,000 appears inevitable, it is likely to be short-lived. This forecast comes following Bitcoin’s recent reversal from its all-time high above $126,000 earlier this month, triggered by market liquidation due to renewed U.S.-China trade tensions.
#### Positive Outlook for Bitcoin’s Recovery
Despite the short-term weakness, Kendrick is positive about Bitcoin’s recovery prospects. He highlights tightening liquidity conditions and the shifting interest from gold to Bitcoin as indicators of market stabilization. The recent rebound in Bitcoin prices coinciding with a gold selloff indicates a potential upward momentum.
### Future Price Projections
Standard Chartered foresees potential factors such as Bitcoin exchange-traded fund (ETF) inflows and favorable macroeconomic conditions contributing to Bitcoin’s recovery and future price growth.
#### Long-Term Price Targets
Kendrick’s base case remains bullish, projecting a climb to $200,000 by year-end and setting a longer-term target of $500,000 by 2028. This forecast is supported by market dynamics and potential catalysts that could drive Bitcoin’s value higher.
## Conclusion
In conclusion, while a potential Bitcoin crash below $100,000 is anticipated in the short term, Standard Chartered remains optimistic about the cryptocurrency’s recovery and long-term growth prospects. Investors are advised to stay informed about market developments and potential catalysts that could impact Bitcoin’s price movements in the coming months.
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*Featured image via Shutterstock*
*This post was originally published on Finbold.*