Emre Yumlu 
A record $19 billion liquidation in the crypto market has shaken investor sentiment, but according to Standard Chartered’s Global Head of Digital Asset Research, Geoff Kendrick, the event may have opened the door to a major buying opportunity. Despite recent volatility, Kendrick believes Bitcoin (BTC) remains on track to hit $200,000 by the end of 2025.
Market Shakeout May Signal a New Accumulation Phase
In mid-October, the cryptocurrency market witnessed an unprecedented $19 billion liquidation event, pushing Bitcoin price down to a four-month low near $104,000. However, Kendrick interprets this sharp correction as part of a natural market reset rather than the start of a prolonged downturn.
“The official forecast remains $200,000 by year-end,” Kendrick stated, adding that the current environment offers the foundation for Bitcoin’s next major uptrend. He noted that while the recovery process may take several weeks, market stabilization could soon spark renewed bullish momentum.
Rate Cuts and Trade Uncertainty: Bitcoin Maintains Strength
Even amid renewed tariff concerns from U.S. President Donald Trump and global market volatility, Kendrick maintains a positive outlook. He argues that Bitcoin could still hold “well above $150,000” in a conservative scenario, provided the U.S. Federal Reserve continues to cut interest rates and inject liquidity into the market.
ETF Inflows and Gold Rally to Drive the Next Bitcoin Surge
Kendrick also pointed to ongoing Bitcoin ETF inflows as a key driver for the next leg of the rally. “This pullback is setting the stage for another strong move upward,” he explained. “ETF demand remains resilient and shows no signs of slowing.”
The strategist further highlighted that gold’s record-breaking highs reinforce Bitcoin’s safe-haven narrative, drawing parallel momentum between the two assets. As gold attracts risk-averse capital, Bitcoin may benefit from a similar investor shift toward decentralized stores of value.
Long-Term Vision: $500,000 by 2028
Earlier this year, Kendrick projected that Bitcoin could reach $500,000 by 2028, assuming continued institutional adoption and favorable macroeconomic conditions. He believes Bitcoin’s resilience amid global uncertainty offers “a historic opportunity” for long-term investors.
While the near-term recovery may take time, Standard Chartered’s latest analysis suggests that the recent sell-off could mark the beginning of Bitcoin’s next major bull cycle, setting the stage for a potential surge toward $200,000 in the coming year.
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