Dev Analysts Ready for Bitcoin Rally: 2 and 20 Day Price Prediction! - Coin Bulletin

Standard Chartered highlights that the current market conditions provide a favorable environment for Bitcoin and the digital asset sector in general.

According to the bank, risk assets, especially Bitcoin, will continue to be supported as long as 10-year U.S. Treasury yields remain below the 4.50% level.

Geoff Kendrick, the global digital asset research head of the bank, expressed in a note shared on Friday that the bond market priced in Fed's aggressive tightening policy.

Kendrick stated that despite the strong employment data announced today in the US, the fact that 10-year Treasury bond yields have not risen above 4.50% is a very positive sign for digital assets. He emphasized that while the economy remains stable, the fact that bond yields are not increasing is a “perfect balance” for Bitcoin.

Similarly, 21Shares Crypto Research Strategist Matt Mena stated that falling bond yields and a weakening dollar have created a supportive environment for risky assets such as Bitcoin.

Bitcoin Aims for $102,500, New Record May Come!

Kendrick stated that if the 10-year Treasury yield remains below 4.50% over the weekend, Bitcoin could rise to $102,500.

If there are no new negative developments in the market—such as sudden regulatory moves or macroeconomic shocks—conditions for Bitcoin could further improve, and the door to an all-time high above $108,000 in February may open.

Could US Employment Data Support Bitcoin?

Although the January employment report in the US fell below expectations, it did not send a scary signal to the market. According to the data from the Bureau of Labor Statistics, the US economy created 143,000 new jobs last month. This figure is below the expected level of 170,000 by economists and significantly lower than the 307,000 in December.

However, the unemployment rate unexpectedly dropped from 4.1% to 4%, and the wage growth rate increased from 3.9% to 4.1%. This indicates that the labor market is still resilient. Matt Mena from 21Shares noted that these data are supportive for Bitcoin.

As the increase in employment slows down and the job market remains stable, it reduces the pressure on the Fed to keep interest rates high. This could lead investors to turn to Bitcoin with the expectation of an interest rate cut later in the year.