Bitcoin rose to $115,000 on Monday, rising more than 1% in 24 hours, as optimism about easing trade tensions between the United States and China and renewed investor appetite for risk assets lifted global markets.
According to Jeffrey Kendrick, head of digital assets research at Standard Chartered Bank, the price of Bitcoin “may never fall below $100,000 again” if macro tailwinds continue this week.
In a note to clients, Kendrick said improving trade relations between Washington and Beijing had turned market fears last week into “hope.”
US Treasury Secretary Scott Besent Weekend statement Restrictions on China’s exports of rare earths could be delayed by a year, along with reports that Beijing plans to buy large quantities of US soybeans, sparking a rally in stocks, commodities and cryptocurrencies.
China-US trade deals and FOMC interest rate cuts
The agreement is expected to be finalized yet Coming The Trump-Xi summit in South Korea renewed risk appetite and pushed the Bitcoin-to-gold ratio above pre-October 10 levels — the date on which 100% tariff threats sent markets tumbling.
Kendrick pointed to new inflows into spot bitcoin ETFs as another key sign of strength. He said more than $2 billion exited US gold ETFs late last week, and if even half of that amount returns to bitcoin funds, it would represent a major vote of confidence.
The analyst also highlighted macro tailwinds, including expectations for a 25 basis point interest rate cut at Wednesday’s Federal Open Market Committee (FOMC) meeting — a move widely viewed as bullish for bitcoin.
Meanwhile, investors are watching a crowded earnings calendar from tech and cryptocurrency heavyweights. Microsoft, Meta, and Google are scheduled to report on Wednesday, followed by Apple, Amazon, Coinbase, and Strategy (formerly MicroStrategy) later in the week.
“If things go well this week, Bitcoin may never go below $100,000 again,” Kendrick said.
Bitcoin price forecast
While the bulls have made modest progress with Bitcoin, the strongest resistance remains at $117,600 and $122,000, leaving the bears largely in control.
If Bitcoin manages to cross $122,000, professionals note that the next target could be the upper limit of the expanding wedge pattern at $128,000.
Support levels remain crucial to maintaining bullish momentum. The key short-term support at $106,900 held throughout last week, helping to stabilize the market.
A drop below this level could open the way towards the $105,000-$102,000 support area, which has already been tested twice, with a third test raising the possibility of a breakout.
Furthermore, $96,000 represents a crucial long-term support level for the broader bull market, acting as a do-or-die floor if prices fall further.
As of press time, Bitcoin was trading at $115,041, up 1.22% over the past 24 hours.
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