The cryptocurrency market is experiencing a significant downturn, with Bitcoin (BTC) prices plummeting 15% this month. This decline followed an announcement from Michael Saylor’s Bitcoin treasury company, Strategy (Nasdaq: MSTR), which revealed on June 1 that it had sold 32 BTC the previous week. Although Saylor had hinted at the potential sale the prior month, the confirmation caused considerable turbulence in the crypto market, triggering a violent crash in Bitcoin’s value.
Commenting on the situation, Jim Cramer made headlines with a blunt reaction to the bearish trends plaguing Bitcoin. Amid this turmoil, Standard Chartered took a contrasting stance, reaffirming its bullish outlook on Bitcoin’s future. On June 4, Geoffrey Kendrick, the bank’s global head of digital assets research, issued a note to clients, emphasizing the bank’s positive predictions for Bitcoin’s performance by the end of 2026.
Kendrick described the recent week as “painful” for the cryptocurrency sector, especially in light of Strategy’s first sale since 2022. He expressed disappointment over the timing of this sale, which significantly affected market sentiment, stating, “This week has been painful in crypto. There is really no other way of putting it.” However, he also predicted a resurgence of buying activity from Strategy, reminiscent of prior years when the company sold BTC only to later increase its holdings.
The analyst drew attention to the potential for further selling pressure if Bitcoin dips below $60,000. Despite the current struggles, he observed that fewer bullish positions remained to be unwound, particularly as Bitcoin has underperformed relative to traditional equities. While Bitcoin’s value has fallen by 27% this year, the S&P 500 index has experienced a 10% increase during the same timeframe.
Reiterating his target, Kendrick remains optimistic, projecting that Bitcoin could reach $100,000 by the year’s end. He suggested that when reflecting on 2026, this moment will be recognized as a significant buying opportunity, saying, “When we look back at the end of 2026 with Bitcoin at $100K, we will say this was the buying zone we all wanted.”
As of the latest update, Bitcoin is trading around $63,517, according to Decibel.
