Bitcoin ‘Destined’ to Break Below 60K Support Amid Geopolitical Tensions: Standard Chartered
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Critical Bitcoin Support at $60,000 has come under scrutiny due to geopolitical risk fears, according to Standard Chartered Head of Digital Assets Research Geoff Kendrick.
In a recent note, Kendrick argued that Bitcoin does not currently represent a safe-haven asset amid ongoing geopolitical tensions.
Following the crypto market’s plunge alongside stocks this week, triggered by Iran’s offensive against Israel, Kendrick stated that Bitcoin should not be viewed as a hedge against geopolitical risks.
Risk concerns related to the Middle East seem destined to push Bitcoin below $60,000.
While better-than-expected U.S. jobs data derailed Kendrick’s expectations for a break below this support “before the weekend,” the threat still remains.
However, the analyst noted this potential dip as a buying opportunity that “should be bought into,” pointing to increased activity in Bitcoin options markets and a “circularity” effect involving U.S. presidential odds as factors that could support prices.
Kendrick observed that the odds in the US presidential race between Donald Trump and Kamala Harris have shifted slightly this week.
According to Polymarket data, Trump’s chances of winning the election have recently recovered, overtaking Harris by 1% after a long period where Harris held the lead.
“This creates an interesting circularity for bitcoin,” Kendrick explained. “Geopolitical concerns may push prices lower, yet these very concerns seem to increase Trump’s odds, potentially improving bitcoin’s post-election outlook.”
A Trump victory is seen as favorable for
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