FX168 Financial News Agency (Asia-Pacific) reported that on Friday (February 13), during the Asian session, cryptocurrencies stabilized after a decline in the overnight U.S. stock market. Earlier, Standard Chartered Bank issued a warning that Bitcoin may continue to weaken further.
As of the time of writing, Bitcoin rose about 1% to around $66,400; it had previously dropped as much as 4% to $65,079 during the New York session, marking the lowest level of the week. Ethereum was reported at about $1,950, recovering from its low of $1,896 reached during the U.S. session. #Bitcoin Daily#
<img src="https://imageproxy.pbkrs.com/https://static.fx168api.com/img/user/738c728bd13ac655b891101d5dc94a9c/outside1770964259993?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://static.fx168api.com/img/user/738c728bd13ac655b891101d5dc94a9c/outside1770964259993"/>
(Source: coindesk)
Standard Chartered Sudden Downgrade of Target
Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, stated in a report: &#34;We expect further 'capitulation-style declines' in prices over the next few months.&#34; He pointed out that the reasons include continued outflows from Bitcoin ETFs and a weakening macroeconomic environment.
Standard Chartered has lowered its Bitcoin target price for the end of 2026 from $150,000 to $100,000, whereas just a few months ago, the bank's forecast was as high as $300,000. Standard Chartered also warned that Bitcoin may first dip to $50,000 before stabilizing.
Last week, Bitcoin briefly fell to $60,033, and it has now retraced more than 45% from its October peak (slightly above $126,000). Market participants noted that Bitcoin's repeated rebounds have failed to hold, indicating that speculative demand is weakening. During the same period, the entire cryptocurrency market's market capitalization has evaporated by nearly $2 trillion.
From a technical perspective, IG Australia market analyst Tony Sycamore stated that as long as Bitcoin holds near the 200-week moving average around $58,000 (which effectively rebounded at that position last Friday), there is still room for a rebound to the resistance zone of $73,000—$75,000. However, if the price continues to fall below the critical $60,000/$58,000 area, &#34;it may open the door for further downside,&#34; with the next support possibly pointing to the $40,000 high range.
Damien Loh, Chief Investment Officer of Ericsenz Capital, pointed out that market sentiment is being dragged down due to concerns about sell-offs in other asset classes such as technology stocks, which &#34;may open up greater downside for cryptocurrencies.&#34;
Bad News for Coinbase
On the corporate front, the largest cryptocurrency exchange in the U.S., Coinbase Global Inc., is also under pressure. The company reported a loss of $667 million in the fourth quarter, with revenue declining more than 20% year-on-year to $1.8 billion, reflecting the impact of falling token prices on trading activity
In addition, before the earnings release, Coinbase's website experienced issues where customers were unable to buy, sell, or transfer funds. The company had to post on social media platform X to reassure users that &#34;user funds are safe,&#34; and later stated that &#34;the issue has been resolved.&#34; Meanwhile, Monness, Crespi, Hardt &amp; Co. downgraded Coinbase's rating to &#34;sell,&#34; stating that in the context of a typically prolonged crypto bear market, the assumption that the industry will stabilize and recover is &#34;foolish and superficial.&#34;
Coinbase's stock price fell for the third consecutive day, closing down about 8% on Thursday to $141, with the cumulative decline for the year widening to 37%.
Bitcoin Signals &#34;Cycle Turning Point&#34;
Multiple on-chain data points are signaling similar indicators to historical cycle turning points, but have not yet reached the extreme levels typically associated with a &#34;durable bottom.&#34; Several on-chain metrics tracked by CryptoQuant indicate that the market is still hovering between &#34;mid-term correction&#34; and &#34;deeper reset,&#34; with investors showing significant disagreement over whether &#34;the worst has been priced in.&#34;
In a report on Thursday, CryptoQuant noted that indicators such as long-term holder capitulation selling, market value/realized value, unrealized gains and losses, and &#34;profit supply ratio&#34; are all in a &#34;no man's land&#34;—not recovering as quickly as typical mid-cycle pullbacks in bull markets, nor entering the extreme pressure zone typical of the end of bear markets.
The report stated that historically, bear market bottoms are often accompanied by long-term holders experiencing losses of 30%-40%. Currently, the profit level of long-term holders has dropped from about 142% in October last year to near breakeven, but analysts believe there is still a gap to a true &#34;capitulation.&#34;
Ryan Lee, chief analyst at Bitget, told Decrypt: &#34;I generally agree that the market may not have confirmed a macro bottom yet. Liquidity remains tight, and risk assets are still highly sensitive to macro data. If the stock market weakens, a final round of 'washout' is still possible.&#34;
From a valuation perspective, the MVRV Z-score has not yet entered the historically common oversold range (approximately -0.4 to -0.7), which is often a &#34;high probability zone&#34; for cycle bottoms. NUPL is currently around 0.1; however, historically, price bottoms more commonly occur when holders are experiencing about 20% unrealized losses.
Market Focus on Friday's Inflation Data
After Wednesday's employment data came in hotter than expected, traders are awaiting the U.S. January inflation data set to be released on Friday (previously delayed due to a partial government shutdown). The market predicts that the core CPI year-on-year may fall to around 2.5% from the previous value. Analysts believe that if the inflation reading unexpectedly rises, it will strengthen expectations of &#34;higher rates for a longer duration,&#34; further suppressing risk assets, including Bitcoin.
Additionally, traditional financial institutions are becoming more cautious about short-term trends. Reports indicate that institutions, including Goldman Sachs and STANCHART, have previously expressed bearish positions, predicting that Bitcoin may dip to the $50,000-$58,000 range in the short term

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Standard Chartered Bank has lowered its Bitcoin price target to $100,000, warning of potential further declines in the coming months. Bitcoin briefly fell to $65,079 and has now rebounded to $66,400. Market analysts point out that if Bitcoin falls below $58,000, it could further drop to $40,000. The overall cryptocurrency market capitalization has evaporated by nearly $2 trillion, with market sentiment affected by the sell-off in tech stocks

- In the Asian session on February 13, cryptocurrencies stabilized after a decline in U.S. stocks, with Bitcoin rising about 1% to around $66,400, following a previous drop to $65,079.  
- Standard Chartered revised its end-of-2026 Bitcoin price target down from $150,000 to $100,000 due to ongoing ETF fund outflows and a weakening macroeconomic environment, warning of a possible drop to $50,000 before stabilization.  
- Market sentiment remains impacted by technology stock sell-offs, with Coinbase facing significant pressure after reporting a $667 million loss in Q4 and experiencing disruptions on its platform.

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[Bitcoin Daily] The major bull STANCHART suddenly surrenders, target price lowered to 50,000! Bitcoin once dipped to 65,000, is a "cycle turning point" signal appearing?