The price of Bitcoin jumped to $115,000 on Monday, increasing by over 1% in the last 24 hours, driven by optimism regarding easing U.S.–China trade tensions and a renewed appetite for risk assets in global markets.
Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank, indicated that Bitcoin may “never drop below $100,000 again” if the favorable macro conditions persist this week.
In a communication to clients, Kendrick noted that the improvement in trade relations between Washington and Beijing has transformed last week’s market anxiety into “hope.”
U.S. Treasury Secretary Scott Bessent’s weekend statement suggesting a potential postponement of restrictions on China’s rare earth exports for a year, along with reports of Beijing’s plans to purchase significant amounts of U.S. soybeans, triggered a relief rally across equities, commodities, and cryptocurrencies.
Trade Deals Between China and the U.S. and FOMC Rate Cuts
The agreement, anticipated to be concluded after the upcoming Trump–Xi summit in South Korea, has rekindled risk appetite and pushed the bitcoin-to-gold ratio above pre-October 10 levels — the day when the imposition of 100% tariffs alarmed markets.
Kendrick also noted fresh inflows into spot bitcoin ETFs as a significant signal of market strength. Over $2 billion left U.S. gold ETFs late last week, and if even half of that re-enters bitcoin funds, it would signify a strong vote of confidence.
The analyst underscored the positive macro trends, including the anticipation of a 25-basis-point rate cut at Wednesday’s Federal Open Market Committee (FOMC) meeting — a move largely viewed as bullish for Bitcoin.
Meanwhile, investors are closely monitoring a busy earnings calendar featuring major tech and crypto firms. Microsoft, Meta, and Google are scheduled to release earnings on Wednesday, followed by Apple, Amazon, Coinbase, and Strategy (formerly MicroStrategy) later in the week.
“If this week proceeds positively — Bitcoin may never again drop below $100,000,” Kendrick stated.
Bitcoin Price Forecast
Though bulls have made some headway with Bitcoin, stronger resistance is evident at $117,600 and $122,000, leaving bears with the upper hand.
If Bitcoin can exceed $122,000, experts indicate the next target might be the upper limit of a broadening wedge pattern around $128,000.
Support levels are crucial for sustaining bullish momentum. The key short-term support at $106,900 was maintained throughout last week, aiding in market stabilization.
Dropping below this threshold could pave the way toward the $105,000–$102,000 support area, which has already undergone two tests, with a third test heightening the chances of a breakdown.
Furthermore, $96,000 serves as a vital long-term support level for the broader bull market, acting as a critical floor should prices drop further.
As of the latest update, Bitcoin was trading at $115,041, marking a 1.22% increase in the past 24 hours.
