Oil Prices Drop Below $80 as Standard Chartered Backs $100,000 Bitcoin Target
West Texas Intermediate crude oil (CM:CL) fell below $80 a barrel on Tuesday. This drop marks the first time oil prices reached this low point in nearly four months. Energy prices slipped as the United States and Iran moved closer to a new framework deal, which eased fears about a global oil shortage. Lower energy prices are now shifting the mood across financial markets. Bitcoin’s price (BTC-USD) held near $65,600, while major bank Standard Chartered (SCBFF) argued that falling oil prices will help push Bitcoin even higher.
Traders Price In Lower Risks
WTI crude oil dropped more than 4% on Tuesday to trade around $77. Oil prices had spiked above $100 earlier in 2026 during the peak of the conflict in Iran. During that same standoff, Bitcoin dropped below $100,000 when Iran threatened to shut down the Strait of Hormuz. This key shipping lane handles about 20% of global oil use. Since the United States and Iran might reach a new deal, market traders expect the strait to reopen and allow Iranian oil exports to flow again.
Moreover, lower energy costs help reduce inflation pressure, which gives the Federal Reserve more room to cut interest rates. Rate cuts usually push investors to buy riskier assets like Bitcoin.
Geoffrey Kendrick Spots 3 Positive Signs
Standard Chartered head of digital assets Geoffrey Kendrick believes that the falling prices in the oil market proves his recent Bitcoin analysis was correct. “All three confirmatory signals I had mentioned below as wanting to see have worked,” Kendrick stated.
First, the largest corporate holder of Bitcoin, Strategy (MSTR), bought 1,587 Bitcoin for about $100 million last week. Second, United States spot exchange-traded funds pulled in over $85 million on Friday. This cash flow marked the strongest day for the Bitcoin funds in a month. Finally, oil prices continued to break lower.
Standard Chartered Targets a $100,000 BTC Price Level
Geoffrey Kendrick set a year-end target of $100,000 for Bitcoin. Bitcoin still trades well below its October record near $126,000. Many market watchers worry that Bitcoin keeps making lower price highs. Kendrick pointed out that a price move above the early May peak around $83,000 is the next big test for his positive outlook. “There has been a lot of chat about BTC making lower highs. So breaking above the USD83k region from early May will be the next critical confirmation needed,” Kendrick added.
At the time of writing, Bitcoin’s price is sitting at around $65,580.
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