Standard Chartered Expert Reaffirms $100,000 Bitcoin Prediction Amid Ongoing Market Volatility

Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, has reaffirmed his prediction that Bitcoin will reach $100,000 by year-end. According to Kendrick, most selling pressure may have run its course after the cryptocurrency's recent decline.

Bitcoin endured a 'painful' week, plummeting over 12% after Strategy Inc disclosed it had sold part of its holdings for the first time since 2022. However, despite this significant drop, Kendrick believes there are not many bullish positions left and liquidation pressure has relatively eased.