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Bitcoin (BTC) attempted a modest rally early on, but the move was short-lived as traders questioned whether bullish investors were lightening their positions ahead of the weekend after five consecutive weekend declines.
Geoff Kendrick of Standard Chartered noted that Bitcoin has been falling consistently from 5 p.m. on Friday to the same time on Sunday for the past five weeks. He attributed the weekend declines to various market uncertainties, including the DeepSeek AI news and concerns over potential Trump tariff policies.
Kendrick said that throughout 2024, Bitcoin’s price movements will be more pronounced on Mondays and Fridays rather than weekends, adding, “This is not normal.”
In early trading Friday, Bitcoin rose nearly 1.5% to $97,600 after weaker-than-expected U.S. retail sales data for January was released. The significant miss from economist forecasts reignited speculation that the Federal Reserve could cut interest rates in the first half of the year, potentially providing a boost to riskier assets like Bitcoin.
Kendrick, who serves as global head of digital assets research at Standard Chartered, remains optimistic about Bitcoin’s near-term outlook, predicting a move to $102,500, an outlook he attributes to a combination of macroeconomic factors and changing political sentiment.
“We may finally be transitioning from bad Trump to good Trump when it comes to risk assets,” Kendrick wrote in a Feb. 13 update, suggesting that a resolution to the Ukraine dispute could ease market jitters and lower oil prices.
Additional support for Bitcoin’s resilience includes stronger-than-expected U.S. inflation data and its ability to weather the steepening Treasury yield curve. Kendrick noted that a higher term premium on long-term yields could be another factor supporting Bitcoin’s upward momentum.
*This is not investment advice.
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