Bitcoin Drops Below $60,000: Can It Still Hit $100,000?

Bitcoin's price has dropped to below $60,000, marking its toughest stretch since 2026. The cryptocurrency posted a cumulative decline of approximately 30% in the first half of the year and is on track to close lower for a second consecutive quarter.

This scenario has only occurred twice before in Bitcoin history. Despite this downturn, Standard Chartered maintained its year-end target of $100,000, with lead analyst Geoff Kendrick describing the drop as a buying opportunity rather than a warning signal.

Standard Chartered's decision to stick with its target is based on specific reasons, not just a general bullish stance. Kendrick points out that this decline originates from Bitcoin ETF outflows, forced liquidations related to over-leveraged positions, and a small-scale liquidation by a corporate holder.