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Standard Chartered Calls for Bitcoin Push Above $88,500

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Standard Chartered has predicted that Bitcoin (BTC) will likely break above $88,500 this weekend following a strong performance in the tech sector.

The bank’s Global Head of Digital Assets Research, Geoff Kendrick, shared these expectations in an exclusive with BeInCrypto.

What Standard Chartered Says About Bitcoin This Weekend

In an email to BeInCrypto, Kendrick pointed to recent price action among major technology stocks, including Microsoft, as an indicator of Bitcoin’s short-term trajectory.

“Strongest performers were MSFT and BTC. Same again so for today in Bitcoin spot and tech futures,” Kendrick said.

Magnificent 7 Price Performance vs. Bitcoin and ETH
Magnificent 7 Price Performance vs. Bitcoin and ETH. Source: Standard Chartered

He explained that a decisive break above the critical $85,000 level appears likely post-US non-farm payrolls. The Standard Chartered executive explained that such an outcome would pave the way for a return to Wednesday’s pre-tariff level of $88,500.

However, China’s retaliatory tariffs could increase market uncertainty, driving prices down in the short term. This volatility might dampen investor confidence, overshadowing any weekend gains.

Kendrick’s assertions come ahead of the much-anticipated US employment report, Non-Farm Payrolls (NFP). The report would present a comprehensive labor market update, including jobs added, the unemployment rate, and wage growth.

A strong report could bolster faith in the economy, particularly if it comes in higher than the previous reading of 151,000 jobs. This is more so if accompanied by a steady 4.1% unemployment rate. Such an outcome could curb crypto gains if the dollar rallies.

Conversely, a disappointing tally, potentially below the median forecast of 140,000 jobs with unemployment ticking beyond 4.1%, could ignite recession worries. This would send investors flocking to Bitcoin and crypto.

Standard Chartered may be pivoting to the latter outcome, with Kendrick emphasizing Bitcoin’s growing role as a key asset.

“Bitcoin is proving itself to be the best of tech upside when stocks go up and also as a hedge in multiple scenarios…I argued that Bitcoin trades more like tech stocks than it does gold most of the time. At other times, and structurally, Bitcoin is useful as a TradFi hedge,” he added.

Standard Chartered has increasingly highlighted Bitcoin’s strategic importance within financial markets. The bank recently identified Bitcoin and Avalanche (AVAX) as likely beneficiaries of a potential post-Liberation Day crypto surge. BeInCrypto reported the forecast, which now aligns with the latest one, that institutional investors could be preparing for a market upswing.

Additionally, the bank has positioned Bitcoin as a growing hedge against inflation. It argued that its limited supply and decentralized nature make it an attractive alternative to traditional safe-haven assets.

Standard Chartered Calls to HODL Bitcoin

Amid Bitcoin’s growing role in traditional finance (TradFi), Kendrick advised investors to maintain their holdings.

“Over the last 36 hours, I think we can also add ‘US isolation’ hedge to the list of Bitcoin uses,” he added.

This suggests that Bitcoin could serve as a protective asset in geopolitical and macroeconomic uncertainty. 

Meanwhile, the BTC/USDT daily chart shows a critical technical setup, with Bitcoin’s price currently trading around $82,643. A former support level of $85,000 now stands as resistance, limiting the pioneer crypto’s upside potential. The supply zone near $86,508 adds further selling pressure.

Bitcoin Price Performance
Bitcoin (BTC) Price Performance. Source: TradingView

On the downside, a key demand zone between $77,500 and $80,708 provides support. Despite price consolidation, the Relative Strength Index (RSI) is forming higher lows, indicating sustained growing momentum and a potential reversal.

If BTC successfully reclaims $85,000, it could trigger a move toward $87,480. However, to confirm the continuation of the uptrend, BTC must record a daily candlestick close above the midline of the supply zone at $86,508.

The bullish volume profile (blue) supports this thesis, showing that bulls are waiting to interact with the Bitcoin price above the midline of the supply zone.

Failure to breach the immediate resistance at $85,000 might lead to a retest of the demand zone, potentially breaking lower. In such a directional bias, a break and close below the midline of this zone at $79,186 could exacerbate the downtrend.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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NFT Market Falls 12% in March as Ethereum Sales Drop 59%

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According to the latest Binance research, the NFT market saw a sharp drop in March 2025. Total sales volume across the top 10 blockchains fell by 12.4%, signaling weaker buyer interest. Only two chains—Immutable and Panini—bucked the trend. 

The number of unique NFT buyers dropped to its lowest level since October 2023, pointing to a slowdown caused by global economic pressures.

Are NFTs Dying Out in 2025?

Ethereum-based NFTs suffered the most. Sales on the network dropped 59.3%, with only CryptoPunks recording any growth among the top 20 collections. Bored Ape Yacht Club and Pudgy Penguins both posted losses of more than 50%.

Panini saw a strong surge in activity. Its digital collectibles jumped 259.2% in sales, placing it among the top 10 NFT blockchains

With a long legacy in physical collectibles, Panini’s digital offering uses blockchain to validate asset ownership.

monthly nft trading volume
Monthly NFT Trading Volume in the Past Year. Source: Binance

Despite the broader slowdown, brands and creators continue to explore new NFT concepts. Azuki collaborated with artist Michael Lau to launch a physical-backed NFT. 

The Sandbox teamed up with Jurassic World to bring licensed dinosaurs into its metaverse experience.

Still, market contraction has led to several closures. Bybit announced it is shutting down its NFT Marketplace, Inscription Marketplace, and IDO platform. 

X2Y2 is also winding down after handling $5.6 billion in trading volume. Activity has dropped by 90% since NFTs peaked in 2021, pushing many platforms out of the market.

“Marketplaces live or die by network effects. We fought tooth and nail to be #1, but after three years, it’s clear it’s time to move on. The NFT chapter taught us a lot—most of all, that lasting value beats chasing trends. That lesson’s why we’re drawing a line here, not a pause or a maybe, but a full stop on X2Y2 as we knew it,” X2Y2 wrote in its announcement.

Also, Kraken ended its NFT operations in February, shifting focus to other business areas.

Meanwhile, NFT-related tokens continue to fall. Magic Eden has lost 94% of its value since its launch four months ago. Pudgy Penguins (PENGU) has declined nearly 30% over the past month, despite its Coinbase listing

Ethereum’s revenue has also taken a hit. Transaction fee income has dropped by 95% since late 2021, driven by falling NFT activity and fewer contributions from Layer 2 networks. 

This has been reflected in Ethereum’s price, as the altcoin declined by 58.8% from its all-time high. Q1 2025 marked its worst quarter since 2018.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Solana Price Falls 19%; Losses Push Investors To Sell And Exit

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Solana has faced significant price corrections recently, erasing gains made in mid-March. The altcoin is currently trading at $116, reflecting a 19% loss over the past ten days. 

As the price continues to struggle, many investors are losing patience, pushing them to sell their holdings and exit the market.

Solana Losses Mount

The Realized Profit/Loss (RPL) indicator shows that Solana has been underperforming for most of February and March. While there were brief moments of profit for short-term holders (STHs), the overall trend has been bearish.

These losses have contributed to mounting frustration among investors, leading many to consider selling their positions. The selling pressure is keeping the market from recovering as more and more investors choose to cut their losses.

As a result, investor sentiment has weakened, with many unwilling to hold onto their positions in the face of continued price declines. The Realized Profit/Loss data indicates that, in addition to the selling pressure from STHs, the broader market is also showing signs of caution. 

Solana Realized Profit/Loss Ratio
Solana Realized Profit/Loss Ratio. Source: Glassnode

The Chaikin Money Flow (CMF) indicator also shows a concerning trend for Solana. Currently, at a monthly low, the CMF reflects that outflows are exceeding inflows, indicating that investors are pulling their money out of Solana. This lack of buying pressure is detrimental to the altcoin’s recovery prospects, as the outflows signal reduced confidence in the asset.

With the CMF in negative territory, Solana’s ability to rally appears limited, as the overall market sentiment remains subdued. The lack of investor conviction is further exacerbating the downward momentum.

SOL CMF
SOL CMF. Source: TradingView

SOL Price Could Witness Further Decline

At the time of writing, Solana’s price is at $116, and it is struggling to recover from the recent losses. Despite the slight uptick observed in the past 24 hours, the altcoin’s recovery remains uncertain. With investor confidence at a low, the price may continue to struggle in the short term.

The aforementioned factors suggest that Solana could dip further to $109, extending investors’ losses. If the bearish trend continues, SOL could test this support level before any potential signs of recovery emerge. This price action would keep investors on edge and delay any sustained rally.

SOL Price Analysis.
SOL Price Analysis. Source: TradingView

However, if Solana can reclaim $118 as a support floor, it could spark a reversal. A breach of this level would push the altcoin toward $123, and flipping it into support would significantly bolster the bullish thesis. In this scenario, Solana could break through resistance levels and rise toward $135.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Why Analysts Believe Q2 is a Great Opportunity to Buy Altcoins

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As Bitcoin (BTC) continues to dominate with increasing market share, many analysts believe Q2 of 2025 will be the ideal time to accumulate altcoins.

The altcoin market capitalization has dropped 40% from its all-time high (ATH), falling below $1 trillion. Many altcoin investors are facing losses. However, analysts believe this could be the setup phase for an upcoming altcoin season.

Will Q2 See an Altcoin Season?

Joao Wedson, an analyst from Alphractal, pointed out that many altcoins have performed poorly in the current market cycle (2022–2025).

In a post on X, Wedson emphasized that several altcoins have returned to their launch prices. Some of these were once hyped as “rockets to the moon.” This indicates a period of accumulation, making it a good time to place buy orders at low prices.

Altcoin Season Index vs Bitcoin
Altcoin Season Index vs Bitcoin. Source: Alphractal.

“Since December 2024, we’ve been in a bear market (actually, the sentiment was already bearish since October). But I still believe that between April and May, the market will heat up for cryptos—even if BTC drops further, as we still have lower targets.” — Joao Wedson, founder of Alphractal, predicted.

Wedson advises investors to focus on altcoin projects with strong fundamentals and growth potential. He suggests avoiding coins that will be surging in 2024, such as ETH, SOL, and TRX. His strategy is patiently waiting and buying at low prices—a cautious yet promising approach.

Meanwhile, another well-known analyst, Ash Crypto, predicts that once Bitcoin’s dominance reaches 70%, it will signal Bitcoin’s peak. Historically, this level has marked the start of an altcoin season within the following months.

Bitcoin Dominance Monthly Chart
Bitcoin Dominance Monthly Chart. Source: Ash Crypto

Bitcoin Dominance (BTC.D) represents Bitcoin’s market capitalization relative to the total crypto market cap. When BTC.D declines, it signals that capital flows into altcoins instead of Bitcoin.

Currently, BTC.D remains above 60% with no signs of weakening. Ash Crypto’s forecast strengthens the belief that Q2 and Q3 of 2025 could begin a significant altcoin rally.

Additionally, experienced trader Merlijn agrees with this outlook. In a recent post on X, he predicted that an altcoin season similar to 2021 is approaching. He highlighted that the next three to six months will be crucial for investors to shape their portfolios.

“Altcoin season is setting up—just like in 2021… The next 3–6 months could define your portfolio.” — Merlijn The Trader predicted.

However, a recent analysis from BeInCrypto reported that the Crypto Fear & Greed Index has dropped to 25 points, indicating “Extreme Fear.” Concerns over escalating trade wars are intensifying investor anxiety.

Some analysts, such as Coin Bureau founder Nic Puckrin, believe that Bitcoin is far from a bear market, but the future of several altcoins is questionable.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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