Standard Chartered’s Head of Digital-Asset Research Geoffrey Kendrick on Wednesday advised investors to accumulate Bitcoin in stages, saying the cryptocurrency may have already seen its final dip below $100,000.

In a note sent to Yellow.com, Kendrick outlined a tiered buying plan anchored on two technical signals: a weekly close above $103,000 and a recovery in the Bitcoin-to-gold ratio above 30.

“Pre-U.S. cash open today (Nov 5) with BTC around 102,400, a reasonable strategy is: buy 25% of your maximum now … buy 25% more if Friday’s close is above 103k, and the remaining 50% once the Bitcoin-gold ratio rises back above 30,” he wrote.

Kendrick emphasized that the overnight dip below $100,000 “well may be the last one ever,” calling for a “buy-the-dip, in stages” approach. His analysis centers on the 50-week moving average, which currently sits near $103,000, and the 200-week average near $55,000.

A weekly close above that 50-week line, he said, would confirm continued long-term momentum.

The accompanying charts show Bitcoin consolidating above $100,000 while the Bitcoin-to-gold ratio trades near 25.8, below Kendrick’s preferred threshold of 30.

He added that renewed inflows into Bitcoin exchange-traded funds, combined with capital rotation out of gold ETFs, would further validate a constructive outlook.

Kendrick’s bullish stance follows easing geopolitical tensions between the U.S. and China, including a reported deal to suspend rare-earth export controls and boost agricultural trade, developments he said have restored market confidence after October’s sell-off.

He also expects the Federal Reserve’s next 25-basis-point rate cut and potential changes in Fed leadership to act as tailwinds for Bitcoin.

“If this week goes well,” Kendrick concluded, “Bitcoin may never go below 100k again.”