Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, remains confident that Bitcoin will reach $100,000 by year-end, arguing that most of the recent selling pressure may be over.
Kendrick said Bitcoin fell more than 14% in a ‘painful’ week after Michael Saylor’s Strategy disclosed it had sold a small portion of its Bitcoin holdings for the first time since 2022.
Meanwhile, spot Bitcoin ETFs recorded roughly $1.4 billion in weekly outflows, one of the largest withdrawal periods on record, according to SosoValue.
These factors contributed to Bitcoin declining more than 27% year-to-date, while the S&P 500 has gained over 10%.
Despite the downturn, Kendrick believes the worst may be behind the market, calling the current period a potential buying opportunity, though he warned of further downside if Bitcoin drops below $60,000, but believes most bullish positions have already been cleared from the market.
Standard Chartered remains bullish on Bitcoin despite the recent sell-off.
The bank is maintaining its $100,000 BTC target, arguing that ETF outflows and $800M in liquidations have driven panic selling that may be nearing exhaustion.
BTC is currently trading around $63.4K after… pic.twitter.com/1xWcUcPEL4
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