Standard Chartered Analyst Reaffirms $100,000 Year-End Target for Bitcoin

Bitcoin's price continues to be a subject of interest among investors and analysts alike. Geoffrey Kendrick, the Global Head of Digital Assets Research at Standard Chartered Bank, remains optimistic about the cryptocurrency's future prospects. In his latest assessment, he reaffirmed his year-end target of $100,000 for Bitcoin.

Kendrick noted that while Bitcoin has faced significant selling pressure in recent weeks, most of this pressure may have already been absorbed. The cryptocurrency endured a particularly 'painful' week in early January after Strategy's (MSTR.US) announcement of its first partial sale of holdings since 2022.

Despite the decline, Kendrick emphasized that long positions have significantly decreased this year due to Bitcoin's underperformance relative to equities. This reduction in long positions has eased liquidation pressures and may help mitigate further downside risks.