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Standard Chartered’s Geoffrey Kendrick has reiterated his $100,000 year-end bitcoin target despite a sharp recent selloff, describing the past week as “painful” but suggesting that the bulk of the liquidation may be over. Bitcoin dropped more than 12% during the week, partly triggered by Strategy’s unexpected sale of a small portion of its holdings, its first such move since 2022.

The sale, though minimal in size, has raised concerns about market sentiment given Strategy’s long-standing “never sell” stance. Kendrick cautioned that further downside risk remains if bitcoin falls below $60,000, but noted that the asset’s underperformance versus equities this year has already unwound many bullish positions. Meanwhile, bitcoin ETFs have seen record outflows, signaling continued investor caution.

Despite near-term pressure, Kendrick views current levels as an attractive entry point and expects Strategy to resume aggressive buying, as it has done after past sales. He maintained that by the end of 2026, investors could look back at this phase as a key accumulation window, reinforcing his bullish long-term outlook on the cryptocurrency.