PANews reported on November 27 that Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, said that the BTC pullback was mainly affected by changes in the U.S. Treasury market. He explained that the decline in the U.S. Treasury term premium boosted market confidence, which may temporarily weaken the attractiveness of Bitcoin as a hedging tool.
Despite this, Kendrick still maintains his forecast that Bitcoin will reach $125,000 by the end of the year, and expects it to reach $200,000 by the end of 2025. It is worth noting that the upcoming option expiration this Friday also puts short-term pressure on Bitcoin prices. Data shows that since the US election, the spot Bitcoin ETF has purchased a total of about 77,000 Bitcoins, while MicroStrategy has increased its holdings by 134,000 Bitcoins, with an average institutional purchase price of $88,700. Kendrick expects that this price level may become a short-term support level, and Bitcoin will consolidate in the range of $85,000 to $88,700 before continuing to rise.
