Standard Chartered: Bitcoin Correction Linked to Stock Market Dip

• Standard Chartered Digital Asset Head Geoff Kendrick forecast BTC at $200K by year-end
• The FOMC meeting on March 19 could play a massive role in shaping Bitcoin’s prices
• BTC could rebound sharply if the likelihood of a rate cut in May increases from 50% to 75%

Bitcoin saw a 2% price increase in the past 24 hours, recovering from a daily low of $79,059.43 to an intraday high of $83,737.45. This volatility highlights the leading cryptocurrency’s sensitivity to broader market forces.

According to Geoff Kendrick, Standard Chartered’s Head of Digital Assets Research, Bitcoin’s performance is closely tied to the “Magnificent Seven” tech stocks. He notes that volatility-adjusted returns put Bitcoin in the same league as Tesla, Meta, and Apple.

What’s Driving Bitcoin’s Price?

Kendrick argues that Bitcoin’s recent dip wasn’t due to any fundamental weakness. Instead, he points to macroeconomic factors affecting global risk assets. He believes Bitcoin’s recovery hinges on two key things: First, a rebound in high-growth tech stocks could signal a positive shift for Bitcoin.

Second, further accumulation of Bitcoin, like the US government’s plan to create a Bi…

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