Standard Chartered remains confident in its bullish outlook for the cryptocurrency market despite the recent selloff, keeping its year-end targets of $100,000 for Bitcoin and $4,000 for Ethereum.
Geoffrey Kendrick, the bank’s Head of Digital Assets Research, said the recent drop in Bitcoin likely marked the bottom of the current market cycle. Bitcoin briefly fell to around $59,000 before recovering to approximately $63,500, while Ethereum traded near $1,665.
According to Kendrick, the decline was mainly driven by forced selling, weak inflows into Bitcoin exchange-traded funds (ETFs), and broader liquidity pressures in the market. He believes these factors caused the sharp correction but does not see the move as the beginning of a new bear market.
As a result, Standard Chartered has maintained its prediction that Bitcoin could reach $100,000 by the end of the year. Kendrick described the recent rebound as a sign that the crypto market may have already passed its lowest point.
However, he noted that continued institutional demand and stronger ETF inflows will be important for Bitcoin to move toward that target. Recent outflows from spot Bitcoin ETFs reduced buying pressure from large investors, making future fund flows a key factor to watch.
Kendrick also pointed to liquidity pressures surrounding major market events, including the recent SpaceX IPO, which may have temporarily pulled capital away from risk assets such as cryptocurrencies.
At the same time, he said the market is closely watching large Bitcoin buyers, including Strategy, the company led by Michael Saylor. Continued purchases from major institutions could help support Bitcoin prices in the months ahead.
While Standard Chartered remains optimistic about Bitcoin, the bank is even more positive on Ethereum. Kendrick kept his $4,000 price target for ETH and expects Ethereum to outperform Bitcoin over time.
The bank’s Ethereum outlook is based on growing demand for stablecoins, tokenized assets, and blockchain-based financial applications that rely on the Ethereum network. Standard Chartered believes Ethereum’s real-world utility remains stronger than its current market price suggests.
Although Ethereum has recently underperformed Bitcoin, Kendrick expects investor interest to return as network activity and adoption continue to expand.
Looking ahead, Standard Chartered believes several factors will determine the next stage of the crypto market’s recovery. These include Bitcoin holding above the $59,000 support level, renewed ETF inflows, continued institutional buying, and stronger relative performance from Ethereum.
For now, the bank remains confident that both Bitcoin and Ethereum have significant upside potential despite the recent market volatility.
