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Standard Chartered shared both bullish and bearish forecasts for Bitcoin and announced its year-end target price
Bitcoin surged following news of a two-week ceasefire between the United States and Iran. Although the price rose above $71,000, some analysts argue that further growth requires additional catalysts.
Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, stated that in the short term Bitcoin could fall to $50,000.
In an interview with Korea Economic Daily, Kendrick said that a drop to $50,000 would represent a very good buying opportunity in the medium term.
What is the main reason for the Bitcoin bear market?
Kendrick noted that Bitcoin has declined by approximately 50% from its all-time high of $126,000 reached in October last year, stating that the primary reason for this decline is the very high correlation between Bitcoin and technology stocks.
Shares of major technology companies such as Microsoft, Meta, and Amazon have fallen by 20–30% from their peaks. Bitcoin and other cryptocurrencies have also declined due to this high correlation. In addition, macroeconomic events and risk sentiment have a strong impact on Bitcoin’s price in the current market.
Bitcoin and gold should be evaluated the same way!
Kendrick stated that Bitcoin should be evaluated similarly to gold and that he views Bitcoin and gold as part of a single investment portfolio.
He also noted that the launch of spot Bitcoin ETFs has significantly improved accessibility, adding that Bitcoin’s share in asset allocation could increase in the long term.
What are Bitcoin’s short- and long-term prospects?
The analyst stated that in the short term there is a risk that Bitcoin could fall to $50,000, but also pointed to a potential rise to $100,000 by the end of 2026 and $500,000 by 2030.
“I believe that in the short term there is still a possibility that Bitcoin could reach $50,000. 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 long term, we have set a target price of $500,000 by 2030.”
In conclusion, the analyst stated that although the market is currently going through a difficult period, recovery will eventually come, and advised investors to remain patient.
See also: "According to analysts, in order to change the trend, XRP needs to break these price levels!"
