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Bitcoin Headed Sub-$100,000
The cryptocurrency market witnessed a historic $19 billion liquidation event on the weekend of Oct. 10, which triggered Bitcoin’s price crash to a four-month low of $104,000 by Friday amid U.S.-China trade tensions.
“Since then, the 10 October US-China trade war fear-driven selloff put paid to any further push higher,” Standard Chartered’s Kendrick wrote in a Wednesday note to investors. “The question now is how far does Bitcoin need to fall before finding a base?”
The silver lining, according to the pundit, is that the dump below $100,000 should be short-lived and would likely mark the last-ever opportunity to buy the premier crypto for five figures.
Three Key Signals For When BTC Might Stabilize And Rocket Higher
Kendrick is watching three signals that could mark a key decisive moment for Bitcoin.
 
The first is capital flow between gold and BTC. Kendrick stated that a strong gold pullback this week coincided with an intraday rebound in Bitcoin price — a move that signals a rotation from the precious metal to crypto. “Further such evidence would be constructive for a Bitcoin low being formed,” he explained.
Kendrick then pointed to signs that the U.S. Federal Reserve may completely stop quantitative tightening, citing multiple measures that have been tightening continuously. A Fed reaction could create the perfect macro backdrop for BTC to resume its parabolic surge.
He then observed that Bitcoin has held above its 50-week moving average since early 2023, when the maiden crypto traded for around $25,000, and he had predicted it would hit $100K by the end of 2024.
Earlier this month, Kendrick asserted that his year-end price target of $200,000 remained unchanged. At the time, he highlighted key catalysts like the U.S. government shutdown, BTC’s correlation to Treasury premiums, and shifting exchange-traded fund (ETF) inflows.
Bitcoin was valued at about $109,244 as of publication time, up 1.2% on the day, according to CoinGecko data. Over the last 17 days, the asset’s price has plummeted circa 13.3% from an all-time high of $126,080.