Standard Chartered's crypto bull sticks to $100,000 bitcoin call despite 'painful' week

June 4 : Geoffrey Kendrick, one of the most vocal crypto advocates, is sticking with his call for bitcoin to hit $100,000 by the end of the year despite a "painful" week, with the global head of digital assets research at Standard Chartered pointing to resilient long-term demand.

The biggest crypto token has tumbled more than 15 per cent since Monday, when Michael Saylor's Strategy, the largest corporate holder of bitcoin, disclosed that it had sold some of the holdings for the first time since 2022.

"The timing of the sale was a shame," Kendrick wrote in a note to clients. "This week has been painful in crypto. There is really no other way of putting it."

The cryptocurrency has lost more than half its value since hitting a peak in October last year, even as President Donald Trump's administration has rolled out industry-friendly policies.

Kendrick said there is a risk of further selling pressure if bitcoin falls below $60,000, but given how sharply the currency has underperformed equities this year, there are now fewer bullish bets left to be unwound.

Bitcoin was last trading around $62,540. It has lost around 30 per cent so far this year, while the S&P 500 index has jumped 10.4 per cent.

However, "when we look back at the end of 2026 with bitcoin at $100k we will say this was the buying zone we all wanted," Kendrick said.

He also expects an "aggressive" buying back of bitcoin from Strategy, citing that the company did so the last time it sold.

Strategy's bitcoin holdings have long been viewed as a proxy for Saylor's conviction in the industry. One of bitcoin's most influential evangelists, he once posted on X, "Sell a kidney if you must, but keep the Bitcoin."

The company said on Monday that proceeds from the sale of bitcoin would be used to fund distributions on its preferred stock. But the disclosure of the sale drew the ire of some on social media.

Strategy's stock has dropped about 17 per cent in 2026. The stock gained nearly 14 per cent between January and October last year, but later fell in tandem with the massive decline in bitcoin prices.