Standard Chartered Sticks to $100K BTC Target Amid Price Volatility

Standard Chartered's digital-assets research head Geoffrey Kendrick maintains his year-end Bitcoin target of $100,000 despite recent price fluctuations. In a note, he attributed the decline in Bitcoin to forced selling, weak ETF flows, and liquidity stress.

Kendrick said the drop likely marked the bottom of the current cycle and that Bitcoin's rebound from $59,000 indicates the end of crypto winter. He kept his previous target of $100,000 for Bitcoin and also maintained a $4,000 year-end target for Ethereum, predicting it will outperform Bitcoin.

The bank's analyst emphasized the importance of ETF inflows and institutional demand in supporting the recovery thesis. He noted that consistent inflows would help confirm the bottom call. Additionally, Kendrick highlighted the liquidity picture, including the SpaceX IPO window, which he said put pressure on risk assets.