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Buy Bitcoin Now? Analyst Predicts $200K Price Target Despite Nasdaq Crash

Published by
Nidhi Kolhapur

Geoffrey Kendrick from Standard Chartered has recently advised investors to “buy the dip” in Bitcoin as the cryptocurrency faces growing pressure from its increasing correlation with the Nasdaq.

Kendrick pointed out that Bitcoin is now more closely linked to the Nasdaq than gold. He explained that a 3% drop in Nasdaq futures—triggered by news about the AI startup DeepSeek—led to significant overnight liquidations in the crypto market. This highlighted how closely crypto is tied to the tech sector.

Tech stocks like Nvidia also suffered big losses, with Nvidia dropping more than 13% in pre-market trading after DeepSeek launched its AI model, which competes with OpenAI’s model at a much lower cost.

Let’s dive in to understand the potential risks and rewards ahead.

Risks if Nasdaq Sell-offs Continue

Kendrick warned that if the Nasdaq continues to face sell-offs, especially with major tech companies like Microsoft, Meta, and Tesla reporting earnings, and if the Federal Reserve’s upcoming meeting leads to negative news, Bitcoin (BTC) could fall to critical price levels.

He pointed out that the average price at which Bitcoin ETFs were bought since the U.S. elections is around $96,400. If Bitcoin drops near this level, it could be an important point for investors to watch.

Crypto Executive Order Adds Uncertainty

Kendrick also shared his thoughts on last week’s crypto executive order from the Trump administration, which created a working group to consider a national digital asset stockpile. He noted that this announcement has added more uncertainty to the market.

However, Kendrick also mentioned that now that the news is out, the initial disappointment and confusion have passed, which reduces some of the risks for Bitcoin. As a result, he believes it may be a good time to “buy the dip.”

Three Phases of the Crypto Market: What’s Next?

Kendrick outlined three phases for the crypto market: “when hope dies,” “buy the dip,” and “alt-coin alpha.” In the second phase, he expects institutional investors to lead, with Bitcoin and Ethereum (ETH) reaching price targets of $200,000 and $10,000, respectively.

After that, Kendrick predicts a “light” alt-coin season, driven by institutional investments in Bitcoin and Ethereum, though he is also keeping an eye on new ETF winners like Litecoin and regulatory changes that could benefit coins like Uniswap.

The crypto world remains a rollercoaster of opportunity and risk. We’ll keep you updated!

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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