Standard Chartered Shares Both Bullish and Bullish Predictions for Bitcoin (BTC)! Announces Year-End Target!

Bitcoin surged following news of a two-week ceasefire between the US and Iran. While the price climbed above $71,000, some analysts argue that certain catalysts are needed for the rally to continue.

Geoff Kendrick, Head of Global Digital Assets Research at Standard Chartered, argues that Bitcoin could fall to $50,000 in the short term.

Speaking to Korea Economic Daily, Kendrick stated that Bitcoin could fall to $50,000, but this presents a very good buying opportunity in the medium term.

What is the Biggest Reason for the Bitcoin Bear Market?

Kendrick noted that Bitcoin has fallen by approximately 50% from its all-time high of $126,000 last October, and said the main reason for this decline is the very high correlation between Bitcoin and technology stocks.

Major tech stocks like Microsoft, Meta, and Amazon have fallen by 20-30% from their peaks. Bitcoin and cryptocurrencies have also declined due to high correlation. Furthermore, macroeconomic developments and risk perception are strongly influencing the Bitcoin price in the current market.

Bitcoin and Gold Should Be Considered Equally!

Kendirick stated that Bitcoin should be valued in the same way as gold, and that he sees Bitcoin and gold as part of a single portfolio.

In contrast, Kendrick noted that the launch of spot Bitcoin ETFs has significantly increased accessibility, adding that he believes Bitcoin’s weighting in asset allocation could increase in the long term.

What is the Short-Term and Long-Term Outlook for Bitcoin?

The analyst stated that Bitcoin risks falling to as low as $50,000 in the short term, but pointed to $100,000 by the end of 2026 and $500,000 by 2030.

“I believe there is still a possibility that Bitcoin could reach $50,000 in the short term. However, I see this level as a very good buying opportunity in the medium term.”

We also expect Bitcoin to reach $100,000 by the end of this year. In the longer term, we have set a target price of $500,000 by 2030.”

Finally, the analyst stated that while we are clearly going through a difficult period right now, a recovery will eventually come, and advised investors to be patient.

*This is not investment advice.