Standard Chartered’s digital-assets research lead, Geoffrey Kendrick, has stood firm on his year-end Bitcoin price target of $100,000, even after a significant market downturn. In a recent note, Kendrick argued that the pullback to around $59,000 likely represents the cycle’s lowest point, with Bitcoin already recovering to near $63,500. He attributes the selling pressure to forced liquidations, weak exchange-traded fund inflows, and liquidity constraints, rather than a fundamental shift in market sentiment.
Kendrick’s analysis suggests that the recent volatility has cleared out weak hands, setting the stage for a recovery. He emphasizes that the bank’s bullish outlook remains intact, contingent on a rebound in ETF flows and renewed institutional interest. While Bitcoin currently trades well below the $100,000 target, Kendrick views the dip as a temporary setback rather than a reversal of the long-term trend.
On Ethereum, Kendrick maintains a $4,000 target, expecting it to outperform Bitcoin over time. Ethereum’s current price hovers around $1,665, but Kendrick ties its potential to growing demand for stablecoins, tokenized assets, and on-chain activity. He notes that Ethereum’s network usage remains robust, even if price action lags.
Key markers for Kendrick’s thesis include Bitcoin holding above $59,000, sustained ETF inflows, consistent demand from corporate treasuries like Strategy, and a strengthening of the ETH/BTC ratio. He believes that if these conditions materialize, the crypto market could resume its upward trajectory.