Standard Chartered Sees $100k Bitcoin, $4k Ethereum Targets by Year-End

Standard Chartered's Geoff Kendrick expects Bitcoin to reach $100,000 by the end of this year. This prediction is based on increased inflows into US spot ETFs and from institutional investors. In a recent forum in South Korea, Kendrick noted that some analysts expect Bitcoin to fall to $20,000 to $30,000 in the fourth quarter, but he considers this probability close to zero.

Kendrick stated that Bitcoin is nearing its bottom and that now is the time to accumulate through gradual buying rather than panic selling. He also pointed out that spot Bitcoin ETF holders have largely held onto their positions despite the recent price drop, increasing the likelihood of a different market cycle than in past downturns.

Looking ahead, Kendrick predicts that Ethereum will reach $4,000 and Solana will reach $135 by the end of the year. He believes that stablecoins, Ethereum, Solana, and decentralized finance (DeFi) will be key growth catalysts.