Standard Chartered analyst Geoff Kendrick believes that Bitcoin could soar by about $20,000 to hit around $49,000 if the US defaults on its borrowing limits. Kendrick stated that Bitcoin has a reputation for performing well in periods of stress and is often seen as a safe haven due to its decentralized nature. However, he expects some volatility, with Bitcoin potentially dipping by about $5,000 before rebounding again.

Kendrick also pointed out that while other cryptocurrencies like Ethereum may trade more like stocks and fall in a default, Bitcoin's behavior as a safe haven makes it an optimal trade. Kendrick expressed his bullishness towards Bitcoin, predicting it could rally to $100,000 by the end of 2024 due to various factors, including banking turmoil and Bitcoin halving. By press time, Bitcoin was trading at $29,254, with a one-day technical analysis turning bullish.