Standard Chartered Stays Bullish on Bitcoin

Despite near-term selloff worries related to Strategy, Standard Chartered is still positive on Bitcoin. Geoffrey Kendrick maintained his $100,000 year-end objective and hinted that a lot of the current selling pressure might be almost depleted.

His perspective is not that Bitcoin is going directly down, but rather that the market may be close to a turning point when forced and panic selling starts to slow. He also cautioned that if Bitcoin falls under $60,000, more selling pressure may still arise.

For traders, Standard Chartered is still positive on the overall picture even while noting near-term volatility and liquidation risk. In reality, that makes this more of a "buy-the-dip" posture than a caution to go bearish.