Jeff Kendrick has seen enough.
“Recent price movements of Bitcoin” BTC$90,494.54 “This has been difficult, to say the least,” Standard Chartered’s global head of digital assets said in a note on Tuesday. “It’s not a crypto winter, it’s just a cold wind.”
The main reason for Kendrick’s shift is the collapse in the stock price of Bitcoin-focused digital asset treasury company (DAT). Kendrick said part of his bull market was a continuous wave of buying by these companies. The rapid decline in their prices (many, if not most, of them are trading below the value of Bitcoin on their balance sheets) has left them severely constrained in their ability to raise further funds for new BTC purchases.
“We expect consolidation rather than a sell-off, but DAT buying is unlikely to provide further support,” Kendrick said.
Kendrick continued that the future Bitcoin bull market is now solely dependent on ETF purchases. As a result, he lowered his price outlook for the end of 2025 from $200,000 to $100,000, 2026 from $300,000 to $150,000, 2027 from $400,000 to $225,000, and 2028 from $500,000 to $300,000. Kendrick said reaching that $500,000 goal will have to wait until 2030.
Institutional access and investment committee decision-making may take time, Kendrick concluded, but could ultimately spark the next big wave of demand.
read more: JP Morgan maintains Bitcoin gold-linked target at $170,000 despite recent selloff
