Standard Chartered Stands Firm on $100K Bitcoin Target Amid Selloff

Standard Chartered's $100K Bitcoin target and $4,000 Ethereum target remain unchanged despite the recent selloff. According to Geoffrey Kendrick, digital-assets research head at Standard Chartered, the drop in price was likely due to forced selling, weak ETF flows, and liquidity stress.

Kendrick tied the selling pressure to these factors, which he believes caused the deepest damage during the drawdown. He kept his year-end targets of $100,000 for Bitcoin and $4,000 for Ethereum, despite Bitcoin's price rebounding from around $59,000 to near $63,500.

Kendrick framed the latest move as the end of crypto winter and said that the cycle bottom is likely in. He expects ETH to outperform Bitcoin and kept his $4K Ethereum target, citing Ethereum network use remaining stronger than price action.