According to Geoffrey Kendrick’s standard charter head, Bitcoin (BTC) was able to see the turnaround this weekend after a negative return on the sixth consecutive weekend.
In a research note shared with Cryptoslate on February 14th, Kendrick highlighted Bitcoin’s recent weekend price action patterns.
He attributed it to a decline in market-powered headlines, including volatility related to DeepSeek related news in late January and tariff concerns on February 12th.
However, we believe that the performance over the weekend is likely to be positive as macroeconomic conditions improve and US bonds tend to be lower.
“I think this weekend is different given the bad news (like the tariffs below) and the yields for US 10-year-olds are falling weekly (and very importantly under 4.5%).”
Market setup refers to recovery
Kendrick analyzed Bitcoin Week performance in 2024. He pointed out that Mondays and Fridays are usually the strongest trading days.
In contrast, weekend sessions are inactive and can be exacerbated by reduced liquidity and risk-off feelings among traders.
He suggested that a small positive catalyst over the weekend updated the ETF influx on Monday, helping Bitcoin to break out of its recent trading range. Kendrick pointed out:
“A slight positivity over the weekend could lead to purchasing the ETF spill on Monday in a week.”
He added that since Bitcoin is “Giffen Good after all,” you can test key psychological levels at $100,000 and $102,500.
Despite recent weaknesses, Bitcoin remains on an upward trend, earning over 20% since the start of the year.
Tariff uncertainty
Beyond Bitcoin’s technical outlook, Kendrick also discussed the broader macroeconomic developments, regarding the impact and changing expectations of US inflation data on former President Donald Trump’s potential policies. .
The US Treasury yields fell on February 14 following a softer than expected Consumer Price Index (CPI) report and a weaker than expected Producer Price Index (PPI) reading on February 14th.
Financial yields over the decade, which investors carefully view as a measure of borrowing costs and risk appetite, remained below 4.5%.
According to analysts:
“If you believe the latest headlines, we are bad Trump from a tariff standpoint, and mutual tariffs are only in effect on April 1st.”
He also suggested that optimism about the potential Russian-Flaine peace deal could further alter market sentiment. He pointed out:
“As for the outlook for the Russian-Ukraine peace agreement, as far as risk assets are concerned, we may finally move from bad Trump to good Trump.”
Kendrick has repeatedly made a bullish stance on Bitcoin, suggesting that if these macro factors are met, the crypto could go well to hit $102,500 in the near future.
Based on encrypted data, Bitcoin was $97,348 at press time, an increase of 2% over the past 24 hours.
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