Standard Chartered Analyst Stands Firm on $100k Bitcoin Forecast

Geoffrey Kendrick, the Global Head of Digital Assets Research at Standard Chartered, has maintained his bullish stance on Bitcoin despite the recent market downturn. In a note to clients, Kendrick acknowledged the severity of the selloff, which has seen Bitcoin lose over half its value since reaching a peak in October last year.

However, he emphasized that the decline is not a reflection of the long-term potential of the cryptocurrency. According to Kendrick, the weaker performance of Bitcoin relative to traditional financial markets could ultimately help stabilize the market by reducing the number of remaining bullish positions vulnerable to liquidation.