Bitcoin plummeted to $91,255 at the beginning of the month due to the impact of Trump's tariff policy, and the market sentiment gradually became more conservative. The price of Bitcoin has been fluctuating in the range of $94,000 to $100,000, and has not yet shown a clear trend.
As of now, the price of Bitcoin is reported at $97,523, with a 24-hour decline of 0.35%.
Standard Chartered Report: Bitcoin Expected to Break $100,000 Next Week
Against this background, according to a report by The Block, Standard Chartered Bank analysts predict that this consolidation trend may change this weekend. Geoffrey Kendrick, Head of Global Digital Assets Research at Standard Chartered Bank, said in the latest report that if Bitcoin sees a slight increase this weekend, it may trigger inflows of funds into exchange-traded funds (ETFs) next week, driving the price of Bitcoin to break through $100,000:
If Bitcoin sees a slight increase this weekend, it may trigger inflows of ETF funds on Monday, driving the price of Bitcoin to $100,000 and then to $102,500.
Kendrick mentioned that the recent weekends have been difficult for Bitcoin, mainly due to negative news, including the DeepSeek incident on January 25-26 and the tariff shocks in Canada and Mexico on February 1-2. However, Kendrick pointed out that these negative news are not "normal" situations.
Kendrick believes that this weekend (February 15-16) will be different, as the negative events have been digested, and the 10-year US Treasury yield has fallen below 4.5% this week, which is a positive signal for risky assets (Bitcoin, stocks).
Considering these factors, Kendrick expects Bitcoin to regain momentum, with the first target being $100,000 and then $102,500. As for the subsequent price trend, Kendrick said it remains to be observed, but he also hinted at Bitcoin's Giffen good characteristics:
Let's see. After all, Bitcoin is a Giffen good.
Hash Ribbon Indicator Suggests Bitcoin May Rebound
On the other hand, according to a previous report by BlockTempo, crypto analyst bitcoindata21 cited Glassnode data on the X social platform on the 12th, indicating that Bitcoin miners may be pointing the way for a rebound in BTC prices.
bitcoindata21 pointed out that the Bitcoin Hash Ribbon indicator shows that Bitcoin miners are currently facing a new capitulation phase, and Bitcoin may have reached the bottom, with a reversal imminent:
The Hash Ribbon is a market indicator that when the cost of Bitcoin mining becomes too high relative to the fees required for mining, miners will be forced to shut down their mining rigs, entering a capitulation phase, which often signals that Bitcoin has reached its bottom.
When the 30-day moving average hashrate line crosses above the 60-day moving average hashrate line, it indicates that the worst of the miner capitulation is over.
It is worth noting that miner capitulation is a rare occurrence, usually occurring on the eve of a long-term Bitcoin bull market. The last miner capitulation phase occurred in mid-October 2024, when Bitcoin was breaking through the historical high of the previous bull market, and within the following two months, Bitcoin ultimately reached a new all-time high of $108,000.
