Geoff Kendrick of Standard Chartered has expressed concern over the recent performance of bitcoin, highlighting the challenges that have emerged in the digital asset market. In a note released on Tuesday, Kendrick remarked on the current situation as “not a crypto winter, just a cold breeze.” This phrase underscores his view that while the market is facing difficulties, it may not be in a prolonged downturn.
A significant factor contributing to Kendrick’s revised outlook is the substantial collapse in the share values of bitcoin-focused digital asset treasury companies (DATs). These companies, once seen as a key driver for future bitcoin demand through continued acquisitions, are now facing severe limitations. Many DATs are trading below the value of the bitcoin they hold, which hampers their ability to raise additional capital for further purchases. Kendrick noted that while he anticipates a period of consolidation among these companies rather than outright selling, he does not expect any significant support for bitcoin prices from DAT buying activities in the near term.
Given these challenges, Kendrick has adjusted his price forecasts for bitcoin significantly. He has reduced his year-end 2025 price target from $200,000 to $100,000, and his projections for 2026 and 2027 have also been revised downward— from $300,000 to $150,000, and from $400,000 to $225,000, respectively. Additionally, the ambitious target of $500,000 for 2028 has now been pushed back to 2030.
Kendrick pointed out that the future investment landscape for bitcoin will likely hinge on exchange-traded fund (ETF) buy-ins, as institutional access to these financial products can take considerable time for investment committees to evaluate and approve. He remains cautiously optimistic that once this process unfolds, it could instigate a new wave of demand for bitcoin in the market.
In related news, JPMorgan has maintained its price target for bitcoin, linking it to the performance of gold, setting its aim at $170,000 despite the current drop in value.
