On January 27th, Geoffrey Kendrick, the head of foreign exchange and digital asset research at Standard Chartered Bank, released the latest market analysis, pointing out that the correlation between Bitcoin and Nasdaq index is significantly higher than that with gold. The low-cost R1 model released by AI startup DeepSeek, which is comparable to OpenAI, caused the Nasdaq futures to fall by 3.3%, triggering a large-scale liquidation in the cryptocurrency market.

Kendrick said that the market faces two major risks: first, the Nasdaq may continue to fall before the earnings reports of Microsoft, Meta, and Tesla are released on Wednesday; second, the FOMC meeting of the Federal Reserve may disappoint the market. He also pays attention to the key level of the average purchase price of Bitcoin ETF since its listing, which is $96,400.

Regarding the recent executive order on cryptocurrency issued by the Trump administration, Kendrick believes that the change of "digital asset reserve" to "reserve pool" implies that it may involve asset confiscation rather than asset purchase, and that subsequent actions will take a long time to be approved by Congress.

Nevertheless, he maintains his target price of $200,000 for Bitcoin and $10,000 for Ethereum by the end of the year, and points out that the market has entered the "buy on dips" phase. He expects institutional funds to dominate the market and recommends focusing on new ETFs and regulatory change beneficiaries, such as Litecoin and Uniswap.