Key Takeaways<\/p>\n
Standard Chartered remains bullish despite Bitcoin\u2019s price falling below $61,500.<\/p>\n
It comes as Strategy\u2019s unrealized losses have reached a record $10.8 billion.<\/p>\n
Market divided over what\u2019s next for Bitcoin.<\/p>\n
Bitcoin\u2019s price briefly dropped below $61,500 this week, pushing Strategy deeper into record unrealized losses<\/a> and leaving more than half of all Bitcoin in circulation underwater.<\/p>\n However, despite the mass selloff, Standard Chartered\u2019s Geoffrey Kendrick said he still expects the crypto to reach $100,000 by the end of the year.<\/p>\n The crash, driven by ETF outflows<\/a> and a sharp unwind in leveraged futures positions, has divided analysts over whether Bitcoin is approaching a bottom or facing further downside.<\/p>\n Bitcoin Price Drops Below $61,500 <\/p>\n Bitcoin\u2019s price briefly fell below $61,500 on Thursday, extending losses after a sharp decline that began in late May.<\/p>\n Over the past month, more than $635 billion in liquidations have reportedly occurred in the crypto industry.<\/p>\n Market intelligence platform Santiment highlighted how the sharp selloff had forced \u201cmany traders out of their positions as prices rapidly declined,\u201d Santiment wrote on X.<\/p>\n The firm added that Bitcoin open interest fell roughly 25% over four days to $23.2 billion, the lowest level since early April.<\/p>\n Separately, blockchain analytics account Watcher.Guru reported that \u201cover 50% of all Bitcoin in circulation is now held at an unrealized loss.\u201d<\/p>\n Standard Chartered Maintains $100,000 Bitcoin Price Target <\/p>\n Despite the sharp decline, Geoffrey Kendrick, Standard Chartered\u2019s global head of digital assets research, maintained his forecast that Bitcoin will reach $100,000 by the end of the year.<\/p>\n \u201cThe timing of the sale was a shame,\u201d Kendrick wrote in a note to clients after Strategy disclosed a bitcoin sale earlier this week.<\/p>\n \u201cThis week has been painful in crypto. There is really no other way of putting it.\u201d<\/p>\n Kendrick acknowledged the risk of additional selling pressure should Bitcoin fall below key support levels, but argued that much of it has already been unwound.<\/p>\n \u201cWhen we look back at the end of 2026 with Bitcoin at $100k, we will say this was the buying zone we all wanted,\u201d he said.<\/p>\n His comments come as Bitcoin revisits its 200-week moving average for the first time since 2023.<\/a><\/p>\n Famed crypto influencer David Hoffman highlighted that the last time it went any lower was in 2022.<\/p>\n \u201cBitcoin is right on the 200-week moving average,\u201d Hoffman wrote on X.<\/p>\n \u201cThe only time BTC went below it was post Terra\/3AC\/FTX \u2013 the worst contagion event in crypto.\u201d<\/p>\n Strategy Faces Record Unrealized Losses <\/p>\n The decline has also intensified attention on Strategy\u2019s Bitcoin holdings.<\/p>\n The Kobeissi Letter wrote on X that Strategy is experiencing the largest unrealized loss in its history, claiming that a bear market was an \u201cunderstatement.\u201d<\/p>\n \u201cMicroStrategy, $MSTR, is now facing its biggest unrealized loss in history, at -$10.8 billion,\u201d it wrote.<\/p>\n \u201cIn other words, after 6 years of buying Bitcoin, the company is now down -17% on its position.\u201d<\/p>\n It added that since Strategy sold 32 bitcoin at $77,135 per coin, the value of its remaining holdings had fallen sharply.<\/p>\n \u201c\u2026their positions has lost -$11.8 billion in value.\u201d<\/p>\n Saylor Downplays Fears <\/p>\n While investors focused on Bitcoin\u2019s decline and Strategy\u2019s paper losses, Saylor argued that recent price weakness reflects broader capital allocation.<\/p>\n \u201cCapital markets are funding the AI buildout at historic scale: $400B over 6 months,\u201d Saylor wrote.<\/p>\n \u201cBitcoin ETFs have seen ~$4B of outflows since May 14, pressuring BTC,\u201d he added. \u201cThis is a capital rotation, not a Bitcoin impairment.\u201d<\/p>\n Strategy Chief Executive Phong Le also sought to focus attention toward regulatory developments.<\/p>\n \u201cWhile markets focus on short-term portfolio adjustments, leaders in the US government are laying the foundation for long-term leadership in Bitcoin and digital assets,\u201d Le wrote on X.<\/p>\n Bears Warn Downturn May Not Be Over <\/p>\n Not all market participants believe the recent selloff has run its course.<\/p>\n Jacob King, a long-time Bitcoin critic, argued that concerns about Bitcoin falling to $60,000 may underestimate the risks facing the market.<\/p>\n \u201cIf people are worried about Bitcoin crashing to $60,000, just wait until the news gets out that Saylor will be forced to liquidate 81,000 BTC to cover Strategy\u2019s liabilities,\u201d King wrote on X.<\/p>\n \u201cThe bear market is still in early stages,\u201d he said. \u201cWe are still dangerously overvalued.\u201d<\/p>\n The comments come just days after Peter Schiff predicted that Bitcoin\u2019s price could fall below $20,000.<\/p>\n In response to Saylor\u2019s recent comments, Schiff wrote:<\/p>\n \u201cThis isn\u2019t volatility, it\u2019s a collapse in price as investors dump Bitcoin to avoid larger losses or to seek out better investment opportunities.\u201d<\/p>\n Top Picks for Bitcoin<\/p>\n The post Bitcoin Price Will Hit $100,000, Says Standard Chartered, as Michael Saylor Downplays $11B Losses<\/a> appeared first on ccn.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Key Takeaways Standard Chartered remains bullish despite Bitcoin\u2019s price falling below $61,500. It comes as Strategy\u2019s unrealized losses…\n","protected":false},"author":2,"featured_media":56779,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[21387],"tags":[24068,22791,26928,330,20677],"class_list":["post-56778","post","type-post","status-publish","format-standard","has-post-thumbnail","category-standard-chartered","tag-bitcoin-price","tag-geoffrey-kendrick","tag-michael-saylor","tag-standard","tag-standard-chartered"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116697445836227397","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/56778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=56778"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/56778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/56779"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=56778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=56778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=56778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}