Standard Chartered’s Geoff Kendrick has cut his Bitcoin forecasts, calling the market a “cold breeze” rather than a full “crypto winter.” In a Tuesday research note, the bank’s global head of digital assets lowered his year-end BTC target to $100,000 and pushed back the $500,000 milestone from 2028 to 2030.
“Recent price action in bitcoin has been challenging, to say the least,” Kendrick wrote in ‘Not a crypto winter, just a cold breeze.’
The revision stems largely from plunging valuations of bitcoin-focused digital asset treasury companies (DATs). Previously, Kendrick’s bullish case relied on continued BTC accumulation by these firms, but many now trade below the value of their bitcoin holdings, limiting capital for further purchases.
“We expect consolidation rather than outright selling, but DAT buying is unlikely to provide further support,” he said.
With DATs sidelined, the bull case now rests primarily on ETF inflows. Kendrick updated his forecasts:
- 2025: $100,000 (from $200,000)
- 2026: $150,000 (from $300,000)
- 2027: $225,000 (from $400,000)
- 2028: $300,000 (from $500,000)
The $500,000 target is now expected in 2030. Kendrick noted that institutional adoption moves slowly, but it could drive the next major wave of bitcoin demand.
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