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Bitcoin's Weekend Slump May Reverse, Eyeing $100K

Coin WorldSaturday, Feb 15, 2025 10:20 pm ET

1min read

Bitcoin has experienced a fifth consecutive weekend price drop, according to a report by Standard Chartered Bank's Global Head of Digital Asset Research, Geoffrey Kendrick. Despite this trend, Kendrick predicts a reversal this week, with a slight weekend increase potentially triggering Monday's ETF inflows and driving Bitcoin to test $100,000 and then push towards $102,500.

Kendrick attributes the recent weekend weakness in Bitcoin to negative news, such as the DeepSeeks-related news over the weekend of January 25-26 and the Canada-Mexico tariff news over the weekend of February 1-2. He jokes that no matter how long-position holders feel about shuttling children to weekend activities in the rain, this decline is not normal. Kendrick believes that the bearish events have been digested, and if the yield on the 10-year U.S. Treasury falls below 4.5% this week, it will increase the probability of a market rebound, which is a positive signal for risk assets like Bitcoin.

Kendrick has a history of making aggressive predictions about Bitcoin. Earlier this month, he stated that as investor channels expand and volatility decreases, Bitcoin is expected to reach $500,000 by 2028. His specific forecast is to reach $200,000 by the end of 2025, $300,000 by the end of 2026, $400,000 by the end of 2027, $500,000 by the end of 2028, and maintain this level until the end of 2029.

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