① Standard Chartered has nearly halved its future price forecast for Bitcoin, particularly with the largest reductions occurring between 2026 and 2028; ② Kendrick stated that the adjustments to the forecasts were primarily driven by the recent sell-off in Bitcoin.
Cailian Press reported on December 10 (edited by Xia Junxiong) Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, one of Wall Street's most steadfast Bitcoin bulls, has significantly lowered his forecasts for this cryptocurrency asset.
Earlier this year, Kendrick predicted that Bitcoin would reach $200,000 by the end of 2025. However, in a report sent to clients on Tuesday, Kendrick stated that Standard Chartered had substantially revised downward its price forecasts for Bitcoin through 2030.
Kendrick indicated that Standard Chartered now expects Bitcoin to close at around $100,000 by the end of this year, representing a 6% upside from current levels.
For next year, he anticipates Bitcoin will rise to $150,000, which is only half of the previous target of $300,000.
Below are Standard Chartered’s latest target prices for Bitcoin over the next five years, showing substantial downward revisions compared to prior expectations:
2026: New target $150,000 (Old target $300,000)
2027: New target $225,000 (Old target $400,000)
2028: New target $300,000 (Old target $500,000)
2029: New target $400,000 (Old target $500,000)
2030: Maintain the target of $500,000 unchanged
These figures indicate that Standard Chartered has nearly "halved" its future Bitcoin price forecasts, particularly with the largest declines occurring between 2026 and 2028.
Kendrick stated that the adjustment in forecasts was primarily driven by the recent sell-off in Bitcoin. In his report, he noted that Bitcoin had fallen approximately 27% since reaching a high in early October.
He said that institutions holding Bitcoin (i.e., companies that purchase and hold Bitcoin on their balance sheets) may no longer support the price in the future. Instead, further growth in Bitcoin will mainly rely on ETF inflows.
"The recent price movement has forced us to recalibrate our Bitcoin price forecasts," wrote Kendrick, adding that the firm believes corporate-level Bitcoin purchases have "reached an end," but ETF inflows could see "periodic rebounds."
This year has been challenging for Bitcoin, with initial volatility triggered by market reactions to tariff-related news, while concerns over rising inflation and fewer interest rate cuts by the Federal Reserve in 2026 also weighed on the cryptocurrency.
Bitcoin's latest decline has been driven by multiple negative factors, including insufficient market liquidity, reduced risk appetite amid unclear prospects for interest rate cuts, and market speculation that Strategy, the largest corporate buyer of Bitcoin, may be forced to sell part of its holdings.
