Bitcoin (BTC) could still reach $200,000 by the end of 2025, despite the recent $19 billion crypto market crash and renewed tariff concerns from U.S. President Donald Trump, according to Standard Chartered’s global head of digital assets research, Geoff Kendrick.
Speaking to Cointelegraph during the European Blockchain Convention 2025 in Barcelona, Kendrick said that the massive market liquidation earlier this month may turn into a “buying opportunity” for long-term investors as the market stabilizes in the coming weeks.
$19 Billion Liquidation Shakes Market, But Bitcoin Holds Firm
The crypto market saw one of its largest liquidation events on record during the weekend of October 10, wiping out over $19 billion in leveraged positions. The sell-off dragged Bitcoin to a four-month low of around $104,000 by Friday.
Despite the correction, Bitcoin quickly regained some ground, trading near $108,200 at the time of writing. According to Kendrick, such volatility is typical during transitional phases, especially when global financial uncertainty rises due to political developments and macroeconomic factors.
“As the dust settles, investors may view this correction as another accumulation phase,” Kendrick said. “My official forecast is $200,000 by the end of the year, and even in the bear case, I still see Bitcoin ending well north of $150,000.”
Fed Rate Cuts and Political Factors Could Support a Bitcoin Rebound
Kendrick noted that his bullish outlook depends partly on continued interest rate cuts by the U.S. Federal Reserve. As inflationary pressures ease and rate reductions align with market expectations, liquidity should improve, supporting renewed capital inflows into digital assets.
“Despite the Trump noise around tariffs, the macro setup remains favorable for Bitcoin,” Kendrick explained. “Lower interest rates, combined with the digital gold narrative, are key catalysts for the next leg of growth.”
The comments come amid rising uncertainty over potential U.S. trade tariffs and the broader global economic slowdown. However, Standard Chartered’s research suggests that Bitcoin’s resilience during macro shocks continues to strengthen its position as a non-correlated asset.
Market May Be Entering a New Accumulation Phase
While the sharp decline unsettled traders, institutional analysts believe the correction could mark the beginning of a new accumulation cycle. Kendrick emphasized that these kinds of market resets often remove excessive leverage and pave the way for stronger, more sustainable rallies.
“It may take several weeks for markets to fully digest the liquidation event,” he said, “but once that happens, Bitcoin’s structural demand from ETFs and institutional investors will likely drive prices higher again.”
On-chain data appears to support this view. Exchange reserves have continued to decline, indicating reduced selling pressure. Meanwhile, long-term holders are showing increased accumulation behavior, suggesting confidence in Bitcoin’s long-term potential.
ETFs and Gold’s Momentum Could Fuel the Next Rally
Kendrick highlighted Bitcoin exchange-traded funds (ETFs) as one of the strongest drivers of future price momentum. After several days of politically driven outflows, U.S. Bitcoin ETFs saw a major rebound this week, recording $477 million in net inflows, according to Farside Investors.
“The current dip will prepare us for another leg up, mostly on the back of ETF inflows,” Kendrick said. “There’s no reason for them to stop. The same story playing out in gold—Fed cuts, macro uncertainty—is reinforcing Bitcoin’s appeal as a hedge.”
Gold’s recent record highs, Kendrick added, could indirectly benefit Bitcoin by reigniting its safe-haven asset narrative. As more investors view BTC as “digital gold,” the flow of institutional capital into crypto is likely to strengthen.
Long-Term Vision: $500,000 Bitcoin by 2028
Kendrick’s optimism extends beyond 2025. Earlier this year, in a February interview, he forecasted that Bitcoin could surge to $500,000 by the time Donald Trump completes his second term in 2028. The long-term view rests on increasing institutional adoption, the maturity of ETF products, and Bitcoin’s growing integration into traditional financial systems.
While skeptics warn that such price levels could invite speculative excess, Standard Chartered believes the underlying fundamentals—such as scarcity, institutional demand, and global liquidity—justify a long-term bullish outlook.
Investor Sentiment Turns Cautiously Optimistic
Despite the recent turbulence, many market participants share Kendrick’s view. Analysts from 21Shares and MN Trading Capital noted that Bitcoin may soon benefit from rotations out of gold and equities as risk sentiment stabilizes.
21Shares’ David Hernandez said, “Bitcoin’s opportunity window may open up quickly if inflation data shows continued improvement or if the disinflation narrative holds. The asset looks coiled and ready to spring upward.”
Meanwhile, MN Trading Capital’s Michaël van de Poppe pointed to gold’s 5.5% drop from its recent highs as a potential signal that capital could soon rotate back into Bitcoin and altcoins.
Conclusion: From Volatility to Opportunity
While short-term volatility remains, the recent $19 billion market crash may have reset leverage and sentiment, setting the stage for Bitcoin’s next rally. With ETF inflows rebounding, Fed policy turning supportive, and institutional accumulation rising, Standard Chartered’s $200,000 target doesn’t seem far-fetched.
If market confidence returns as expected, Bitcoin could not only recover from the recent downturn but potentially enter a new, sustained growth phase heading into 2026.
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