Investing.com -- Bitcoin traders anticipating a price boost from President Donald Trump’s speech at the White House Digital Assets Summit may need to temper expectations, according to Standard Chartered (OTC:SCBFF) analyst Geoffrey Kendrick.
The analyst said in a brief note Friday that it is "difficult to see today’s 3 pm EST Trump comments driving BTC prices higher."
Despite the lack of immediate upside catalysts, Kendrick maintains a bullish outlook on Bitcoin, suggesting that an official U.S. strategic reserve could be a key long-term driver.
"I have written previously about how a US strategic reserve, whatever it looks like, can embolden other sovereigns," he noted.
He pointed to Abu Dhabi’s December holdings of 4,700 BTC through BlackRock’s IBIT fund as an example, adding that "other sovereigns will now surely join the buying."
Beyond international buyers, Kendrick believes domestic U.S. players such as state governments and pension funds could also be encouraged to enter the market.
However, in the near term, Bitcoin is likely to remain volatile. "While BTC remains in an 80-95k range it is probably choppy and there’s not a lot to do," he said, although he believes that “the next move is out the top of this range.”
Looking ahead, Kendrick sees a potential breakout coming, particularly if broader economic pressures ease.
"Buy weekend dip caused by lack of news from Trump tonight, look for a break out of the top of this range soon (especially if the tariff noise can slow down for a while)," he advised.