The harsh market crash of October 10-11 cryptocurrency marketIt deeply shook the optimism prevailing in the world. CoinDesAccording to the information provided by k, Standard Chartered Digital Asset Research Director Geoffrey KendrickBitcoin in his note to investors 
$108,190.87He said that it is inevitable that it will fall below $ 100,000 in the short term. Just three weeks ago, the bank had stated that a rise to $135,000 was imminent. However, after the peak of $126,000 on October 6, the selling wave triggered by the US-China trade tension caused prices to fall rapidly. Kendrick said, “The sale on October 10 completely blocked the upward momentum. The real question now is where Bitcoin will bottom.”
According to Kendrick, the withdrawal will be temporary and BitcoinThe period when is trading below $100,000 may mean the last opportunity for long-term investors. The analyst expects a new upward cycle to begin after the decline.
Three Main Signals That Will Determine the Market Bottom
According to a Standard Chartered analyst cryptocurrency There are three key elements that can help the market regain balance. The first of these gold Capital flows between Bitcoin and Bitcoin. Kendrick stated that the recent sales in ounces of gold coincided with a short-term recovery in Bitcoin and said, “The strengthening of the transition from gold to the cryptocurrency market may be a bottom signal for Bitcoin.”
As the second element US Federal ReserveHe pointed out the (Fed’s) liquidity policy. Kendrick emphasized that there are increasing signs that the Fed is getting closer to ending monetary tightening. He stated that the improvement in liquidity conditions could pave the way for Bitcoin to rise again.
The analyst finally technical indicatorHe drew attention to the. He reminded that Bitcoin has managed to stay above its 50-week moving average since the beginning of 2023. He emphasized that maintaining this technical strength indicates that the long-term upward trend continues. Kendrick reminded investors that they should view short-term declines as buying opportunities rather than panic.
According to Kendrick’s assessment, the current decline may present an opportunity for investors to buy at the recent lows that they have been waiting for a long time.
$200,000 is Expected in Bitcoin in the Long Term
In his previous note published at the beginning of the month, Kendrick set the year-end target for Bitcoin as $ 200,000. At the time, the analyst noted the risk of a possible government shutdown in the US, the rise in bond yields and strong inflows into spot ETFs. Although the possibility of a correction in the short-term outlook increases, Kendrick believes that the long-term uptrend is maintained.
