Kendrick Sticks to $500K Bitcoin Target Amid Market Fluctuations

Standard Chartered's Head of Digital Assets Research Geoff Kendrick is sticking to his $500,000 Bitcoin target despite near-term price fluctuations. He believes that the current trend is 'back into crypto summer' and points to the March 2023 Silicon Valley Bank collapse as a comparable moment in Bitcoin's history.

Kendrick compared the recent market movements to the period following the SVB collapse, where BTC rallied from $25,000 to above $100,000. The current downturn is seen as 'the turn of the tide' for the cryptocurrency, according to Kendrick.

Standard Chartered maintained its long-term Bitcoin target of $500,000 after pushing it back two years to 2030 in December last year. Kendrick acknowledged that the crypto market has been overshadowed by AI-driven excitement and IPOs but believes it's 'back' now.