Emre Yumlu 
After several weeks of sharp declines in the crypto market, uncertainty has dominated investor sentiment. Yet Geoffrey Kendrick, head of digital asset research at Standard Chartered, offers a far more constructive outlook. According to him, the recent pullback in Bitcoin (BTC) is not a sign of structural weakness but rather a natural phase of the current market cycle—and the correction may now be largely complete. Kendrick expects momentum to shift upward as the end of the year approaches.
A Deeper Look at Bitcoin’s Latest Pullback
Bitcoin’s brief drop below the $90,000 mark—the first time in seven months—sparked debate about whether the asset was entering a deeper downtrend. While some market watchers argue that BTC could still slip toward $80,000, others believe the worst of the selling pressure has already passed. Standard Chartered’s assessment falls into the latter category.
Kendrick points out that this downturn marks the third significant 30% correction since the approval of spot Bitcoin ETFs in the United States. Historically, similar retracements have been followed by pronounced recoveries, suggesting that the current decline fits a familiar pattern rather than signaling a broader reversal.
Temporary Pressure or Structural Weakness?
Kendrick emphasizes that the recent selling activity does not appear to stem from long-term investors exiting the market. Instead, he attributes the volatility to overlapping waves of short-term profit-taking and forced liquidations. The positioning of long-term holders, he notes, remains largely stable—a sign that underlying market confidence is intact.
He also highlights several key indicators suggesting that selling momentum is waning. These metrics support his base-case expectation that Bitcoin will regain strength heading into the final stretch of the year.
Standard Chartered’s Outlook for Bitcoin and Ethereum
Beyond his short-term optimism, Kendrick maintains an ambitious long-term perspective. He reiterates his year-end price target of $200,000 for Bitcoin, supported by expectations of renewed inflows and sustained institutional interest. For Ethereum, he projects a year-end target of $7,500.
Looking even further ahead, Kendrick forecasts that by 2028:
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Bitcoin could reach $500,000,
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Ethereum could climb to $25,000.
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