Standard Chartered Abandons Its Bullish Bitcoin Forecast

(MENAFN- Yolo Wire) British bank Standard Chartered (LON:STAN) has backed off its bullish Bitcoin (CRYPTO: $BTC) forecast.

Analyst Geoff Kendrick had forecast that Bitcoin would reach $200,000 U.S. by the end of this year and be at $500,000 U.S. by 2028.

But with BTC currently hovering around $90,000 U.S. and down more than 30% in the last month, Kendrick has had to reset his forecast.

"Recent price action in Bitcoin has been challenging, to say the least," wrote the global head of digital assets in a note to clients that's titled "Not a crypto winter, just a cold breeze."

Kendrick has now lowered his year-end 2025 price target on Bitcoin to $100,000 U.S. and dropped his 2028 forecast to $300,000 U.S.

Standard Chartered says Bitcoin isn't likely to reach $500,000 U.S. until 2030. Kendrick wrote that he now expects a period of consolidation before crypto prices recover and rise again.

The analyst added that the bull case for Bitcoin moving forward rests solely with buying of spot exchange-traded funds (ETFs) that track the price of the largest crypto by market capitalization.

Institutional access and investment-committee decision-making takes time, concluded Kendrick in his note to clients, but could help drive the next wave of crypto demand.

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