While Bitcoin (BTC) experienced a sharp decline ahead of the critical FED week, falling below $100,000, one analyst said that this decline was an opportunity.
Accordingly, Standard Chartered analyst Geoffrey Kendrick recommended investors to buy the Bitcoin dip.
According to The Block, Standard Chartered head of crypto research Geoffrey Kendrick drew attention to Bitcoin’s (BTC) increasing correlation with Nasdaq.
Stating that this situation makes Bitcoin vulnerable to technology-driven sales, the analyst said he sees the recent decline as a buying opportunity.
“The risk now is that if the Nasdaq sell-off continues throughout the US session, we start approaching other important levels for BTC.
At this point in particular, the average buy level for BTC ETFs since the US election currently stands at $96,400, while the BTC price could fall to that level.”
Kendrick reiterated his price targets of $200,000 for Bitcoin and $10,000 for Ethereum (ETH) by the end of the year, and said his bullish outlook remains.
The analyst said that he was disappointed by the executive order signed by Trump and that it added uncertainty to the market.
“The disappointment for me was twofold. 1. The term 'Stock' was used instead of 'Reserve' and stockpile sounds more like seized assets than purchased assets. 2. The executive order is now complete and further clarity/action will have to go through Congress which will take some time,” the analyst said.
*This is not investment advice.
