Standard Chartered Highlights Bitcoin’s Potential Dip Below $60,000 Amid Geopolitical Tensions

On October 3-4, Bitcoin may fall below the $60,000 level due to escalating geopolitical tensions, creating an opportunity for accumulation. This was stated by Standard Chartered, according to The Block.

Experts emphasized that the leading cryptocurrency does not serve as a haven from geopolitical stress.

“Gold provides such a hedge. Bitcoin acts as insurance against TradFi risks like bank collapses or dedollarization/US sovereign debt sustainability issues,” the specialists added.

Analysts noted the increase in open interest for call options with a strike price of $80,000 and expiration on December 27.

The organization linked the optimism to the rising chances of Republican candidate Donald Trump winning the US presidential race.

Specialists referred to the dynamics of contenders on the prediction platform Polymarket, where he has taken a 1 percentage point lead.

“This creates an interesting pattern for Bitcoin. Geopolitical concerns can push prices down, but they also increase Trump’s chances, potentially improving the prospects for digital gold post-election,” the review stated.

In September, Standard Chartered confirmed Bitcoin targets of $125,000 in the event of a Republican candidate victory and $75,000 if he loses to Democratic representative Kamala Harris.

“A victory for the latter would initially trigger a negative reaction. We expect investors to start buying the dips due to the realization that progress in regulation is inevitable,” the analysts clarified.

Earlier, Standard Chartered stated that the easing of the US Treasury yield curve inversion creates conditions for strengthening positions in risk assets, including Bitcoin.

QCP Capital also warned of the risk of the leading cryptocurrency’s price falling to $55,000 amid geopolitical tensions.