Bitcoin (BTC) is showing signs of further decline, according to Geoffrey Kendrick, Standard Chartered’s global head of digital assets research. He predicted that the world’s leading digital asset could fall between $69,000 and $76,500 by Monday. However, instead of panicking, Kendrick sees this as a buying opportunity. Bitcoin Dips Below $80,000 Recently, Bitcoin’s price briefly dropped to under $79,000. Now, it is trading at around $83,613, down by 1.10% as per CoinMarketCap data. This fall has raised questions about whether the sell-off is ending. However, Kendrick expects another major outflow from Bitcoin exchange-traded funds (ETFs) following Tuesday’s $1 billion redemption. Meanwhile, BlackRock’s iShares Bitcoin Trust experienced record withdrawals in a single day as investors removed $420 million from the fund. Since the November U.S. election, net ETF purchases at the $80,000 level have fallen by $2.5 billion. Some think ETF outflows don’t matter because they are just closing trades. However, Kendrick believes these outflows are important. He thinks they show bigger market trends affecting Bitcoin’s price. Hedge Funds Are Betting Against BTC One major factor driving the price down is hedge funds’ increasing short positions. Kendrick pointed to data from the U.S. Commodity Futures Trading Commission (CFTC), which shows that hedge funds’ short positions have grown from $7.9 billion to $11.3 billion since the election. At the same time, ETF holdings surged from $23.5 billion to $40.2 billion before dropping to $37 billion. Most ETF investors still hold Bitcoin, but Kendrick warned they might panic and sell if the price keeps falling. Will Bitcoin Follow August’s Crash? Kendrick wonders if Bitcoin and other risk assets will recover or stay under pressure. Meanwhile, this recent prediction is very different from what Kendrick said before. He thinks Bitcoin will hit $200,000 by the end of this year and $500,000 before President Donald Trump’s term ends. He compared the current market to August 2024, when Bitcoin plunged from $70,000 to $50,000 in just one week. If the market follows a similar path, Bitcoin could fall another 5.5%, landing between $69,000 and $76,500. For Kendrick, that would be an ideal buying range. With new CFTC data released today, investors are watching closely to see if hedge funds will continue to affect Bitcoin’s movement. The market’s next move could determine whether this dip is just a pause or the start of a deeper correction. The post Bitcoin’s Price Dip Below $90,000: Is Another Drop Coming? appeared first on TheCoinrise.com .
