Standard Chartered Bank Head of Digital Assets Research: Bitcoin "Bottom is Near", Maintains Year-End $100,000 Target

Standard Chartered Bank's head of digital asset research, Geoffrey Kendrick, stated that Bitcoin has "almost bottomed out" after its recent sharp decline, and the current price range of around $63,000 is a "buying range." He noted that holdings in US spot Bitcoin ETFs have remained largely flat since February, with no significant concentrated redemptions as feared, indicating more "structurally stable" capital. Kendrick anticipates that after the recent sell-off of 32 BTC by Strategy, there might be a buyback of 10x or even 100x the amount, following historical patterns, which could signal a confirmation of a cyclical low. He also cautioned that Bitcoin still faces downside risk below $60,000 but believes in dollar-cost averaging rather than trying to time the exact bottom. The bank maintains its year-end price targets of $100,000 for Bitcoin and $4,000 for Ethereum.