Standard Chartered Analyst: CPI and Bitcoin may drop to 80,000 USD before Trump's inauguration, it will be an "excellent mid-term buying opportunity"
According to Jinshi reports, the price of Bitcoin has slightly increased today, but it is still below $100,000 after falling from last month's record high. Standard Chartered Bank analyst Geoffrey Kendrick stated in a report: "For digital assets, caution may be the best choice for about a week."
He said that tonight's U.S. inflation data might be stickier than expected and people have high expectations for positive news on cryptocurrencies after Trump's presidential inauguration ceremony on January 20th. All these bring huge macroeconomic risks.
The report predicts that if Bitcoin falls below the support level of $90,000, it could further probe down to $80,000 which would constitute an "excellent mid-term buying opportunity". Based on Trump's supportive stance towards cryptocurrencies, Standard Chartered Bank maintains its forecast target of Bitcoin reaching $200,000 by the end of 2025.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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