Bitcoin (BTC), halving crash in progress?...Standard Chartered "goes to $100,000 by year-end"

▲ Bitcoin (BTC), Wall Street/AI generated image

Bitcoin (Bitcoin, BTC) fell about 53% from its high of $126,000, but Standard Chartered weighed on the possibility that a cycle low may have already occurred around $58,000-$59,000. It presented a target price of $100,000 by the end of this year and a forecast of $200,000 by the end of 2027.

Geoff Kendrick, Head of Digital Asset Research at Standard Chartered, stated in an interview with the crypto-focused YouTube channel Paul Barron Network on July 7 (local time), "I'm quite confident that we've either seen the bottom or are very close to it." He downplayed the likelihood of Bitcoin falling significantly to the mid or low $50,000s in this cycle.

Kendrick also diagnosed that the influence of Bitcoin's four-year cycle is weakening. He judged that the capital flows from US Bitcoin spot ETFs and digital asset holding companies like Strategy are together limiting the overheating at cycle highs and the extent of declines at lows. He assessed the approximately 53% drop from $126,000 to below $60,000 as not an extreme decline compared to past cycles.

The market's absorption of the shock even after Strategy sold over 3,000 BTC last week was also cited as a basis for identifying the bottom. Kendrick said, "If the market reaction is good, it will further confirm our conviction that we have already seen the cycle low." Strategy holds approximately $2.5 billion in cash, and Kendrick explained that this amount could cover more than two years of interest or dividend payments.

Kendrick stated, "Our official target price for the end of this year is $100,000, and I consider it an appropriate level." He predicted that Bitcoin might trade sideways for several months, but the fourth quarter would be a strong upward phase. He then presented a target price of $200,000 by the end of 2027 and expressed confidence in a new all-time high forecast for next year.

As a medium-term bullish argument, he cited the tokenization of financial assets, primarily Ethereum (Ethereum, ETH). Kendrick analyzed that the tokenization of traditional financial assets such as stocks, bonds, and mutual funds has begun, and significant activity is likely to occur on the Ethereum network in the initial years. He assessed that increased network activity and trading volume would support Ethereum's price increase and that the digital asset market's medium-term growth path is robust.

[Key Summary of Article]

-Standard Chartered assessed that Bitcoin has already hit or is very close to its cycle low around $58,000-$59,000.

-Geoff Kendrick presented Bitcoin target prices of $100,000 by the end of this year and $200,000 by the end of 2027.

-The emergence of US Bitcoin spot ETFs and digital asset holding companies, along with the expansion of Ethereum-based financial asset tokenization, were cited as reasons for the medium-term bullish outlook.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*