Standard Chartered Throws in the Towel on Bullish Bitcoin Forecast
Standard Chartered analyst Geoff Kendrick significantly lowered his long-term Bitcoin price targets due to challenges faced by digital asset treasury companies.Summary
Geoff Kendrick, Standard Chartered's global head of digital assets, has drastically reduced his bullish forecast for Bitcoin, citing a "cold breeze" rather than a "crypto winter." The primary reason for this shift is the collapse in share values of bitcoin-focused digital asset treasury companies (DATs). Kendrick noted that these firms, which were expected to provide waves of buying support, are now constrained in their ability to raise capital for new BTC purchases, as many trade below the value of the bitcoin on their balance sheets. Consequently, Kendrick slashed his year-end 2025 price outlook to $100,000 from $200,000, with subsequent years also seeing reductions. The previously anticipated $500,000 BTC target has been pushed back from 2028 to 2030. Kendrick concluded that the future bull case for Bitcoin now rests solely on ETF buying, as institutional decision-making, while slow, could drive the next major demand wave.
(Source：CoinDesk)