TechFlow News — On March 12, according to The Block, Geoff Kendrick, Head of Digital Asset Research at Standard Chartered, said that the recent decline in Bitcoin’s price was primarily driven by broad pressure on risk assets rather than issues specific to the cryptocurrency. "On a volatility-adjusted basis, Bitcoin's performance closely aligns with the 'Magnificent Seven plus Bitcoin' basket," Kendrick noted in a Tuesday email. "Tesla has performed worst, while Meta and Apple have done best, with the rest performing similarly to Bitcoin."
Kendrick believes Bitcoin’s rebound will depend on two catalysts: a broader recovery in risk assets or Bitcoin-specific positive developments, such as sovereign purchases. He pointed out that clarity on tariff policies or faster Federal Reserve rate cuts could boost market sentiment, stating, "An increase in the probability of a rate cut at the May meeting from the current 50% to 75% could trigger a rebound." Although a break below $76,500 could quickly test support around $69,000 in the short term, he maintains his year-end 2025 price target of $200,000.
The upcoming Federal Reserve interest rate decision will be a key test for Bitcoin. Rohit Jain, Managing Director at CoinDCX Ventures, said that if the Fed holds rates steady as expected, it could push Bitcoin to test the $70,000 support level.
