Standard Chartered Bank analyst: BTC's short-term bottom is in the $85,000 to $88,700 range

Odaily News Geoff Kendrick, head of global digital asset research at Standard Chartered Bank, attributes the recent market turmoil, including the decline in Bitcoin and the rise in long-term U.S. Treasuries, to the decline in the term premium of U.S. Treasuries. The term premium is the additional yield that investors demand for holding long-term bonds rather than rolling over short-term bonds. Since Bitcoin is often seen as a hedge against instability in traditional financial markets, increased confidence in U.S. Treasuries could weaken Bitcoin's appeal in the short term, causing its price to fall. Kendrick said: "MicroStrategy's purchases show no signs of slowing down, and they are unlikely to sell, but the average purchase price of $88,700 by ETFs and MSTR since the election may serve as a short-term bottom, and Bitcoin may consolidate in the range of $85,000 to $88,700 before resuming its upward trajectory."