Standard Chartered Bank analyst: Bitcoin's recent decline is related to the overall weakness of risk assets, and it remains bullish to $200000 in the long run

According to a report by Golden Finance, Geoff Kendrick, head of digital asset research at Standard Chartered Bank, stated that the recent price fluctuations of Bitcoin are consistent with the performance of risk assets such as the "Big Seven" in the US stock market, rather than issues with cryptocurrencies themselves. He pointed out that the decline of Bitcoin is mainly influenced by overall market sentiment, and the future rebound may rely on two major catalysts: the overall recovery of risk assets or positive news about Bitcoin (such as sovereign purchases by the United States or other countries). If the Federal Reserve quickly turns to cutting interest rates (such as increasing the probability of a rate cut from 50% to 75% in May), it may drive a rebound in Bitcoin; But if the downward trend continues, Bitcoin may fall below $76500 and test the support level of $69000. Despite facing short-term pressures, Kendrick remains optimistic about the long-term prospects of Bitcoin, with an estimated $200000 by the end of 2025. He emphasized that the current market volatility has increased the possibility of the Federal Reserve cutting interest rates, further consolidating his long-term bullish view. At the same time, Trump's tariff policies and the Federal Reserve's interest rate decisions will continue to affect market sentiment, bringing uncertainty to the trend of Bitcoin.