TechFlow news, November 27 — According to The Block, Geoff Kendrick, Head of Global Digital Assets Research at Standard Chartered, said the recent BTC pullback was primarily driven by changes in the U.S. Treasury market. He explained that declining term premiums in U.S. Treasuries have boosted market confidence, which may temporarily reduce Bitcoin's appeal as a hedge.
Nonetheless, Kendrick maintains his forecast for Bitcoin to reach $125,000 by year-end and expects it to hit $200,000 by the end of 2025. Notably, the upcoming options expiry this Friday is also exerting short-term pressure on Bitcoin’s price. Data shows that since the U.S. election, spot Bitcoin ETFs have collectively purchased approximately 77,000 bitcoins, while MicroStrategy has added 134,000 bitcoins to its holdings, with institutions averaging a purchase price of $88,700. Kendrick anticipates this level could act as short-term support, with Bitcoin consolidating between $85,000 and $88,700 before resuming its upward trajectory.
