According to COINOTAG News, January 27 saw Standard Chartered Bank analyst Geoffrey Kendrick advocate for purchasing Bitcoin during price corrections, as increasing correlation with the Nasdaq presents noteworthy implications. Kendrick, who leads the Foreign Exchange and Digital Asset Research team at the bank, emphasized that the correlation between Bitcoin and the Nasdaq significantly exceeds its relationship with gold. With Nasdaq futures declining by 3% due to reports surrounding DeepSeek, a major overnight liquidation in the cryptocurrency market was triggered, which underscores the integral link between crypto assets and the US technology sector.
Kendrick warned that ongoing Nasdaq liquidations could impact Bitcoin levels, particularly with key earnings announcements from major firms like Microsoft, Meta, and Tesla scheduled. He noted that the average buying price of Bitcoin ETFs since the last US election has reached $96,400.
Kendrick also raised concerns regarding the recent executive order from the Trump administration aimed at evaluating the country’s digital asset reserves, highlighting potential market unpredictability. He expressed disappointment over the implications of the term “reserves” and the prolonged timeline for potential congressional clarifications.
As market phases transition, Kendrick forecasts a shift towards a “buying the dip” strategy amid diminishing hope and confusion. He has previously outlined stages of market sentiment, envisioning significant institutional investment during this phase. Standard Chartered has set ambitious targets, projecting Bitcoin could reach $200,000 and Ethereum $10,000 by year’s end.