Standard Chartered Bank analyst: BTC's short-term bottom is in the $85,000 to $88,700 range

Geoff Kendrick, head of global digital asset research at Standard Chartered Bank, attributes the recent market turmoil, including the fall in Bitcoin and the rise in long-term U.S. Treasuries, to the decline in the term premium of U.S. Treasuries. The term premium is the additional yield that investors demand for holding long-term bonds rather than rolling over short-term bonds. Since Bitcoin is often seen as a hedge against instability in traditional financial markets, the increase in confidence in U.S. Treasuries could weaken Bitcoin's appeal in the short term, causing its price to fall. Kendrick said: "MicroStrategy's purchases show no signs of slowing down, and they are unlikely to sell, but the average purchase price of $88,700 by ETFs and MSTR since the election may serve as a short-term bottom, and Bitcoin may consolidate in the $85,000 to $88,700 range before resuming its upward trajectory."