Standard Chartered’s Kendrick Says Bitcoin Has ‘Turned The Tide,’ Keeps $500K Target

Standard Chartered’s Head of Digital Assets Research Geoffry 'Geoff' Kendrick said Bitcoin (BTC) was “heading back into crypto summer” after a week which he said “turned the tide” for the apex cryptocurrency.

Speaking in a Bloomberg interview on Saturday, Kendrick compared the moment to the March 2023 collapse of Silicon Valley Bank, which preceded Bitcoin’s rally from $25,000 to above $100,000. He said that the move came "at a time when everyone hated Bitcoin," and reinforced the cryptocurrency's core use case as a way to store wealth outside a system dependent on central authority.

"Whenever you have things like the Silicon Valley Bank example, March 2023, or things like US Treasury or Fed independence type stories coming up, for me that's the turn of the tide," Kendrick said.

BTC's price was down roughly 1% on Sunday, trading at the $76,500 level. On Stocktwits, the retail sentiment around BTC remained in the ‘extremely bullish’ zone, while chatter around it stayed at ‘extremely high’ levels over the past day.

$500K Target Stands

Kendrick said he was sticking with his forecasts that were “much higher, medium term.” Standard Chartered maintained a long-term Bitcoin target of $500,000, pushed from 2028 to 2030 last December, after cutting new projections.