Leading cryptocurrency Bitcoin experienced sharp declines amid increased economic uncertainty following US President Donald Trump’s tariff announcement.
Despite these declines, Bitcoin (BTC) has held firm at $82,000, outperforming most technology stocks.
While Bitcoin’s strong stance strengthens analysts’ bullish expectations, Standard Chartered announced its new analysis.
Noting that Bitcoin has outperformed most technology stocks and remained strong during the recent market sell-off, Standard Chartered called Bitcoin a strongman.
The bank, which advised investors to HODL, predicted that BTC could rise to as high as $88,500 this weekend.
As the sell-off in traditional financial markets continues due to Trump’s tariffs, Bitcoin has strengthened and is now being traded as a “US isolation” measure, said Geoffrey Kendrick, head of digital assets at Standard Chartered.
“I have argued to date that Bitcoin has largely traded more like tech stocks than gold. However, Bitcoin has been showing relative strength over the last 36 hours, with TradFi markets weakening and Mag7 shares falling.
Bitcoin is also proving to be the best in the technology space (upside potential when stocks rise) and a hedge in multiple scenarios.
“A break above the critical $85,000 level looks likely today after payrolls data. That likely opens the door to a return to the pre-tariff level of $88,500 by the weekend.”
Kendrick’s analysis comes amid rising investor anxiety over tariff risks and fears of a U.S. recession, with Kendrick advising investors to “HODL.”
*This is not investment advice.
