Bitcoin fell below $79,000 on Friday, but the crypto wipeout isn’t over yet.
That’s according to Geoffrey Kendrick, head of crypto research at UK bank Standard Chartered.
He told DL News on Friday morning that he expects the top cryptocurrency to fall between $69,000 and $76,500 before it bounces back.
The comments came on the back of a Friday research note, where he predicted that Bitcoin would continue to fall even as the price sunk below $79,000 that day.
Kendrick rejected the idea that Bitcoin would recover its lost ground over the weekend.
“I doubt it,” Kendrick wrote in the note. “Weekend risk for those long equity futures [is] likely a career ending choice these days. So a rally into the weekend seems unlikely.”
He referred to traders’ long positions in Bitcoin exchange-traded funds, which Kendrick said “remain at risk of panic selling.”
This week, cryptocurrencies lost 13% — or about $450 billion — of their total market value. The market is now worth $2.7 trillion, down $1.2 trillion from its December high.
Trump’s threat to impose tariffs against Canada, Mexico and China on March 4 has been attributed as the main driver behind this week’s wipeout.
Other potential factors exacerbating the crash include a string of memecoin scandals, the $1.5 billion Bybit hack, and Federal Reserve policy.
Kendrick is not the only one who said the bottom is still some ways off. On Wednesday, Alex Thorn, top analyst at Galaxy Research, suggested that Bitcoin could drop as low as $74,000.
To be sure, market watchers have also suggested that the wipeout is only temporary. Both Bernstein and Standard Chartered still see a Bitcoin price of $200,000 on the horizon.
They have reasons to be bullish.
Trump’s tariffs may’ve exacerbated the crash, but his promises to relax crypto laws are seen as a potential boon for the industry.
Following Trump’s election win, many lawmakers support bills designed to bolster innovation.
Moreover, altcoin ETFs look increasingly possible to be greenlit, fintechs keep creeping into the industry, and institutions remain excited about digital assets, market watchers tell DL News.
Eric Johansson is DL News’ News Editor. Got a tip? Email at [email protected]. creator solana token
