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Standard Chartered's Kendrick Reaffirms Bitcoin Target of USD100,000 by Year-End
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Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, upheld his view that Bitcoin will reach USD100,000 by year-end, as most of the selling pressure may have largely run its course. Kendrick said the largest cryptocurrency endured a "painful" week, plunging more than 12%, after Strategy Inc (MSTR.US) disclosed on Monday (1st) that it had sold part of its holdings for the first time since 2022. If Bitcoin drops below USD60,000, there could be a risk of further selling pressure. However, given that Bitcoin has evidently lagged the equity market this year, there are not many bullish positions left, and liquidation pressure has relatively eased. Since reaching a peak of USD124,700 in October last year, Bitcoin has tumbled by about half. It last reported at USD63,380, up 2.1%. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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