Standard Chartered Bank: BTCRebound will depend on two major catalysts, namely the overall recovery of risk assets or unique Favourable Information such as sovereign purchases

In the latest TechFlow news on March 12th, according to The Block, Geoff Kendrick, the digital asset research director at Standard Chartered Bank, stated that the recent price drop of Bitcoin is mainly influenced by pressure on a wide range of risk assets, rather than issues specific to Crypto Assets. “From the perspective of volatility adjustment, Bitcoin’s performance is highly consistent with the combination of the ‘seven major tech stocks plus Bitcoin,’” Kendrick pointed out in an email on Tuesday. “TSL performed the worst, while Meta and Apple performed the best, with the rest being similar to Bitcoin.”

Kendrick believes that the rebound of BTC will depend on two major catalysts: the overall recovery of risk assets or specific positive news for BTC (such as sovereign purchases). He pointed out that clear tariff policies or rapid interest rate cuts by the Fed will promote market recovery, and ‘the probability of an interest rate cut in the May meeting has increased from the current 50% to 75%, which may trigger a rebound.’ Although in the short term, if BTC falls below $76,500, it may quickly test the support level of $69,000, he still insists on the target prediction of $200,000 by the end of 2025.

The Federal Reserve interest rate decision next week will be an important test for Bitcoin. Rohit Jain, Managing Director of CoinDCX Ventures, stated that if the Federal Reserve maintains the current interest rate as expected, it may lead to BTC testing the $70,000 support level.