Concerns Rise Over Bitcoin’s Near-Term Prospects Amid Market Volatility and Key Support Levels Suggested by Standard Chartered’s Geoff Kendrick
The post Concerns Rise Over Bitcoin’s Near-Term Prospects Amid Market Volatility and Key Support Levels Suggested by Standard Chartered’s Geoff Kendrick appeared on BitcoinEthereumNews.com.
Geoff Kendrick of Standard Chartered has raised serious concerns about the near-term outlook for Bitcoin, highlighting potential volatility around significant support levels. Kendrick pinpointed November 6, 2024, post-U.S. election day, as a critical price range for Bitcoin, suggesting that market movements on that date could significantly influence its trajectory. “This opens up the Nov 6, 2024, day after U.S. election candle for Bitcoin as a near-term potential,” Kendrick noted, estimating a price range between $69,000 to $76,500. Geoff Kendrick’s analysis indicates potential volatility for Bitcoin ahead of the crucial November 2024 U.S. elections, with significant price implications. Bitcoin’s Critical Support Levels Ahead of the U.S. Elections As Bitcoin navigates the complexities of the financial landscape, Geoff Kendrick emphasizes the importance of the upcoming U.S. elections scheduled for November 5, 2024. The potential price range of $69,000 to $76,500 signifies a pivotal support zone. If Bitcoin prices approach this range, it could signal a critical juncture for investors and traders alike. Correlation with Major Equity Indices and Market Sentiment Kendrick pointed out that Bitcoin’s performance is increasingly influenced by movements in major equity indices, particularly in light of a recent 5% decline in Nasdaq futures. This correlation suggests that broader market trends can have a direct impact on cryptocurrency valuations. “While speculation driven by figures like former President Donald Trump may cause fluctuations, it’s essential to recognize the underlying market forces at play,” Kendrick stated. MicroStrategy’s Position and Its Impact on Bitcoin Valuations MicroStrategy (MSTR) has become a topic of interest as its price movements are closely linked to Bitcoin. Kendrick underscored that the average Bitcoin purchase price for MicroStrategy stands at $65,000, which aligns closely with the critical support levels identified for Bitcoin. This proximity further heightens the significance of investor sentiment surrounding both assets. The Market’s Immediate Response to…
Filed under: News - @ March 4, 2025 8:26 pm