June 4 - Geoffrey Kendrick, a prominent advocate for cryptocurrencies and global head of digital assets research at Standard Chartered, said he remains confident that bitcoin will climb to $100,000 by the end of the year despite a difficult stretch for the market.
The biggest cryptocurrency plunged more than 15% since Monday after MicroStrategy - the corporate entity most closely identified with bitcoin accumulation and run by Michael Saylor - revealed it had sold a portion of its bitcoin holdings for the first time since 2022. Kendrick described the timing of that sale as unfortunate, writing to clients that "this week has been painful in crypto. There is really no other way of putting it."
Bitcoin was last trading around $62,540, down roughly 30% year-to-date. The token has surrendered more than half its value since peaking in October of the prior year, even as the current U.S. administration has pursued policies favorable to the industry. By contrast, the S&P 500 index has risen 10.4% so far this year.
Kendrick acknowledged a concrete downside risk: additional selling could emerge if bitcoin declines beneath the $60,000 level. At the same time, he argued that the sharp underperformance of bitcoin relative to equities this year has reduced the number of remaining bullish positions that could be unwound, implying a smaller pool of forced sellers going forward.
He also predicted that MicroStrategy would likely buy back bitcoin aggressively, pointing to the company's prior pattern of repurchasing following sales. MicroStrategy's disclosure said proceeds from the sale would be used to fund distributions on its preferred stock, a move that prompted criticism from some users on social media.
The market reaction has been notable. MicroStrategy's stock has fallen about 17% in 2026. The company's shares had climbed nearly 14% between January and October of last year, but subsequently dropped alongside the large decline in bitcoin prices.
MicroStrategy's bitcoin holdings have long been interpreted as a barometer of Michael Saylor's conviction in the sector. Saylor himself has been among bitcoin's most vocal proponents, once posting on X, "Sell a kidney if you must, but keep the Bitcoin."
Context and implications
Kendrick's continued $100,000 projection underscores a divergence between short-term price volatility and the bullish long-term thesis he maintains. The recent sell-off and corporate sale have heightened market tension, but Kendrick's view centers on durable demand and the prospect of follow-up purchases by large holders.
The episode touches on multiple market segments: the cryptocurrency market itself, corporate treasury management decisions for bitcoin-holding firms, and broader equity markets where related stocks have moved in step with digital-asset price swings.