Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered and one of the cryptocurrency industry's most outspoken supporters, has reaffirmed his forecast that bitcoin will reach $100,000 by the end of next year despite a sharp market downturn that he described as a difficult period for digital assets. Kendrick's comments came after a challenging week for the cryptocurrency market, during which bitcoin fell more than 15% from levels seen earlier in the week. The decline followed a disclosure by Michael Saylor’s Strategy, the largest corporate holder of bitcoin, that it had sold a portion of its holdings for the first time since 2022. Kendrick calls recent market action ‘Painful’ In a note to clients, Kendrick acknowledged the severity of the recent selloff. Bitcoin has now lost more than half of its value since reaching a peak in October last year. The decline has occurred even as the administration of US President Donald Trump has implemented policies viewed as supportive of the cryptocurrency industry. Despite the weakness, Kendrick said he remains focused on the longer-term outlook for the asset. Risks remain if Bitcoin calls further Kendrick warned that additional selling pressure could emerge if Bitcoin drops below the $60,000 level. However, he argued that the cryptocurrency’s significant underperformance relative to equities this year may reduce the amount of speculative positioning that could still be unwound. Bitcoin was last trading at around $62,540. The cryptocurrency has fallen approximately 30% so far this year. By comparison, the S&P 500 index has gained 10.4% during the same period. According to Kendrick, the weaker performance relative to traditional financial markets could ultimately help stabilise the market by reducing the number of remaining bullish positions vulnerable to liquidation. Long-term optimism remains intact While acknowledging near-term challenges, Kendrick reiterated his conviction in bitcoin’s long-term trajectory. "When we look back at the end of 2026 with bitcoin at $100k, we will say this was the buying zone we all wanted," he said. The strategist also expects Strategy to return to purchasing Bitcoin aggressively. He noted that the company previously resumed buying after selling part of its holdings in the past. Strategy sale draws market attention Strategy’s bitcoin holdings have long been regarded as a reflection of Michael Saylor’s confidence in the cryptocurrency sector. Saylor has been among bitcoin’s most prominent advocates and has frequently encouraged investors to maintain their exposure to the asset. The company disclosed on Monday that proceeds from the bitcoin sale would be used to fund distributions on its preferred stock. The move, however, attracted criticism from some users on social media. Strategy’s shares have declined roughly 17% in 2026. The stock had gained nearly 14% between January and October of the previous year before later declining alongside the broader fall in bitcoin prices. Despite the recent turbulence, Kendrick’s latest comments indicate that he continues to view the current downturn as a temporary setback rather than a change in bitcoin’s longer-term outlook. The post Standard Chartered’s Kendrick keeps $100,000 Bitcoin call amid crypto turmoil appeared first on Invezz
