Standard Chartered’s $100,000 Bitcoin and $4,000 Ethereum targets have not changed despite the recent sell-off.
The following is a summary of the information that you will find on this page.
- Standard Chartered has kept its target of $100k Bitcoin after BTC recovered from the $59K area.
- Geoffrey Kendrick has linked the selling to forced sale, weak ETF flow, and liquid stress.
- Kendrick has kept his $4K Ethereum goal and believes that ETH will outperform Bitcoin.
In his most recent note, Standard Chartered’s digital assets research chief Geoffrey Kendrick stated that the decline likely marked the bottom of the cycle. Bitcoin dropped to $59,000, before rebounding at $63,500. Ethereum was trading near $1,665.
Bitcoin’s target price stays at $100,000
Kendrick said that the Bitcoin transaction of $59,000 was a “move”. “likely low” For the current cycle. The bank still has a $100,000 Bitcoin goal for the year’s end, even after the rise to $63,500. The latest movement was framed as the conclusion of crypto-winter in his note. The note did not consider the recent drop to be the beginning of another crash.
Kendrick linked the sales pressure with forced selling. ETF flowsThe stress on liquidity was also a major factor. These factors were the ones that caused the greatest damage in the period of the decline, according to him. After a rapid decline, the bank has extended its bullish Bitcoin outlook.
Bitcoin is still trading below Standard Chartered’s target, despite the fact that it has recovered from its previous low of $59,000. Kendrick’s decision is dependent on stronger confirmation through ETF flow and institutional demand. This note focused on flows, price levels and Treasury demand.
Bitcoin ETFs and SpaceX liquidities remain in the spotlight
Kendrick’s call on the bottom of Bitcoin ETFs is based on spot redemptions. The context of the market showed that U.S. fund outflows were heavy during this sell-off. The redemptions reduced the support for Bitcoin from institutions. Kendrick claimed that a consistent flow of inflows could support his thesis.
Liquidity is also included in the picture. SpaceX IPO Kendricks’ note says that window is a good example. Cash demand in the area of the listing was cited as a factor that impacted risky assets. In related context, the crypto markets were tracking SPCX trades on Nasdaq following SpaceX’s $75 Billion IPO.
The same period saw a rise in crypto-native volumes on the SpaceX linked synthetic markets. Bitcoin’s near-term price setup is largely influenced by the strategy of investors. Market participants watched to see if Michael Saylor’s firm would continue to absorb Bitcoin.
Ethereum targets $4,000
Kendrick has also maintained his target of $4,000 Ethereum and believes that ETH will outperform Bitcoin. Ethereum was trading at $1.665, far below the target. Standard Chartered’s Ethereum thesis links ETH to tokenized assets and onchain settlement.
Ethereum network adoption remains higher than the price movement, according to the bank. Ethereum’s recent weakening kept the ETH/BTC ration under pressure. Kendrick noted that an increase in the ratio could indicate renewed interest from investors for Ethereum.
It compared Ethereum’s flow to Bitcoin’s test of ETF flows. The note also considered macro-stress and institutional demand as confirmation points. Kendrick described several indicators for the future market phase. Kendrick listed several markers for the next market stage.
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Source: crypto.news
