Standard Chartered’s Geoff Kendrick has raised concerns about the near-term prospects for both bitcoin and Strategy (MSTR) as bitcoin’s price faces potential volatility near a critical support level.
Kendrick pointed to the Nov. 6, 2024, price range — the day after the U.S. election — as a key potential support zone for bitcoin, estimating a price range between $69,000 and $76,500. He suggested that bitcoin’s movement within this range could determine its short-term trajectory.
“This opens up the Nov 6, 2024, day after U.S. election candle for bitcoin as a near-term potential, from about $69,000-$76,500,” Kendrick said.
Kendrick noted that if bitcoin's price falls into the $69,000 to $76,500 range, it would move closer to Strategy’s average purchase price of $65,000, making it a critical level to watch.
"MSTR is already in that Nov 6, 2024, candle, day after the U.S. election, and has been hovering around that level for a couple of days, but not closed below, yet,” Kendrick said. “On MSTR, while it is not my view that we trade there, it is worth just having in mind that the average bitcoin purchase price for MSTR over all time is $65,000.”
Kendrick also highlighted bitcoin’s correlation with major equity indices, emphasizing that broader market trends influence cryptocurrency prices. While former President Donald Trump’s recent Truth Social posts about a U.S. crypto reserve have fueled speculation, Kendrick stressed that the 5% drop in Nasdaq futures since the last U.S. market open has had a more significant impact on bitcoin’s decline.
Bitcoin fell 6% over the past 24 hours to $84,625, according to The Block's price page. The Block's GMCI 30 index, which measures the performance of the top 30 cryptocurrencies, dropped 14% in the same period.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
