Standard Chartered's Geoffrey Kendrick anticipates Bitcoin may experience a final washout to $50,000 before initiating a significant rally. He attributes the current downturn to macro-economic pressures and tech sector capitulation, rather than a crypto-specific collapse.
Kendrick forecasts Bitcoin to conclude the year at $100,000, with a long-term projection of $500,000 by 2030. He notes that institutional positioning has remained robust, evidenced by steady ETF holdings and continued MicroStrategy acquisitions.
However, he warns of potential deleveraging driven by weaker tech earnings and a lack of immediate Federal Reserve intervention, which could impact crypto alongside equities. The $50,000 level is considered plausible, representing a shallower drawdown compared to previous cycles, importantly without a major internal crypto failure like FTX.
Kendrick's long-term bullish outlook is anchored by the structural growth of stablecoins and tokenized real-world assets. He projects stablecoins could reach $2 trillion by 2028, with a substantial portion serving as savings vehicles in emerging markets. This influx of liquidity could eventually support risk assets, including Bitcoin.
He also foresees significant growth for Ethereum, projecting it to reach $40,000, and Solana hitting $2,000 by 2030, driven by tokenization and micropayment ecosystems. Tokenized real-world assets are expected to expand from $40 billion to $2 trillion by 2028.