Latest Predictions from Standard Chartered Indicate Accelerated Correlation of Bitcoin with Major U.S. Tech Stocks
Particularly, the “Magnificent Seven” – Apple, Microsoft, Alphabet, Amazon, NVIDIA, META, and Tesla.
According to a prominent global cross-border financial institution, in light of the impressive performance of the tech sector, Bitcoin may surpass $88,500 this weekend.
Given the geopolitical and macroeconomic concerns, the bank advises investors to “hodl” Bitcoin, showcasing the cryptocurrency’s value as a hedge in unpredictable times.
Tech stocks have helped elevate investor sentiment in risk markets. Despite recent pullbacks, NVIDIA remains a primary driver of optimism in the tech sector. Microsoft is expanding its AI infrastructure alongside Amazon and Alphabet, and robust cloud revenues are reshaping the broader market narrative—prompting investors to reallocate to high-growth assets like Bitcoin. Analysts believe, with tech-leading stocks at the forefront, cryptocurrency is the next logical destination for momentum-driven capital.
This Weekend, Bitcoin May Break $88.5k Amid Positive Momentum in the Tech Market
Conversely, China’s retaliatory tariffs have raised significant concerns as they could potentially limit this forecast. According to CoinMarketCap, Bitcoin’s price stands at $84,107.26, up 1.45% within 24 hours.
In the key U.S. job report, Bitcoin has become the standard bet. Kendrick’s claims were made ahead of the highly anticipated Non-Farm Payroll (NFP) U.S. employment report. This report will provide a comprehensive update on the labor market, covering wage growth, unemployment rate, and newly created job opportunities.
A strong employment report, particularly if it exceeds the previous gain of 151,000 jobs, could bolster confidence in the U.S. economy, especially if the unemployment rate remains stable at 4.1%. However, such data might strengthen the dollar in the short term, potentially cooling cryptocurrency growth.
On the other hand, disappointing results that fall below the median estimate of 140,000 jobs and indicate an unemployment rate slightly above 4.1% could raise concerns about an economic recession. Consequently, investors may turn to Bitcoin and other cryptocurrencies as safe assets.
Based on Kendrick’s argument for Bitcoin’s rapid forecasting, he believes Bitcoin’s significance as a key asset is increasing, indicating a shift in the standard charter towards an optimistic outlook.
Additionally, he mentioned, “Bitcoin proves itself to be the best when stocks rise and as a hedge with technical upside across various scenarios… I see Bitcoin trading more like tech stocks rather than gold for most of the time. At other times, structurally, Bitcoin serves as a tradfi hedge.”
Standard Chartered also shared its views, emphasizing Bitcoin’s increasing role in financial markets. To support this, the bank recently identified Avalanche (AVAX) and Bitcoin as potentially benefiting from a possible cryptocurrency boom on the day of freedom.
Indeed, its latest mention aligns with a prediction module introduced in a data report tracking the movements of institutional investors or major participants expected to lift the market. Beyond institutional investors, the bank is also interested in Bitcoin.
To support this, it positions Bitcoin as an extended inflation hedge. Due to its decentralized structure and limited supply, it proves to be an ideal alternative to traditional safe-haven assets.
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