Standard Chartered Analyst Remains Bullish on $100,000 Bitcoin Forecast

Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, has reaffirmed his optimistic stance on the future of Bitcoin. Despite a sharp decline in the market value of the cryptocurrency, Kendrick remains confident that it will reach $100,000 by the end of next year.

The recent market downturn has seen Bitcoin lose more than half of its value since reaching a peak in October last year. However, Kendrick argues that this decline is not a reason to be pessimistic about the long-term prospects of the asset.

Kendrick noted that the significant underperformance of Bitcoin relative to equities this year may reduce the amount of speculative positioning that could still be unwound. This, he believes, could help stabilise the market and ultimately lead to a recovery in the value of Bitcoin.