Geoffrey Kendrick, the global head of digital assets research at Standard Chartered, remains optimistic about Bitcoin’s future, maintaining a prediction that the cryptocurrency could reach $100,000 by the end of the year. This bullish stance comes despite recent turmoil in the crypto market, with Bitcoin experiencing a significant drop of over 12% within a week.
The downturn followed the announcement by Michael Saylor’s Strategy, the largest corporate holder of Bitcoin, revealing it had sold a portion of its holdings for the first time since 2022. The sale has been described by Kendrick as a “shame,” reflecting on the painful week for the cryptocurrency community. Since reaching its all-time high in October, Bitcoin has experienced substantial losses, shedding more than half its value, even in the wake of favorable industry policies during the Trump administration.
Kendrick noted that while there is potential for further selling pressure if Bitcoin falls below the $60,000 mark, the market has already seen a significant unwinding of bullish bets. Currently trading around $64,320, Bitcoin has seen a 27% decline this year, while the S&P 500 index has gained over 10%. The data also indicates that investors have been withdrawing funds from major Bitcoin ETFs at a record pace, with net outflows exceeding $2 billion in just one week.
Despite these challenges, Kendrick expressed confidence that, looking ahead to 2026, the current period will be seen as an optimal buying opportunity. He anticipates that Strategy will aggressively buy back Bitcoin, similar to their previous actions after past sales. The firm’s Bitcoin holdings, valued at nearly $54 billion based on current prices, have long been perceived as an indicator of Saylor’s strong belief in the cryptocurrency.
The recent sale, which constituted only 0.004% of Strategy’s total Bitcoin assets, has raised questions about the company’s capacity to meet preferred dividend obligations without engaging in further sales. Fabien Yip, a market analyst at IG Bank, pointed out that Saylor’s longstanding “never sell” philosophy is a foundational aspect of Bitcoin’s bullish narrative, making this sale a significant symbolic event in the market.
