Bitcoin’s sell-off over the weekend might prove to be the start of its next big rally. Standard Chartered’s (SCBFF) global head of digital assets research, Geoff Kendrick, told Cointelegraph that the cryptocurrency could still climb to $200,000 by the end of the year, even after a record $19 billion market liquidation and renewed tariff concerns from President Donald Trump.
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The Crash Could Fuel a Bitcoin Comeback
The crypto market saw a historic $19 billion liquidation event on the weekend of Oct. 10, sending Bitcoin (BTC) tumbling to a four-month low near $104,000 by Friday. But according to Kendrick, this correction may have created the next big accumulation window.
“As the dust settles after the massive liquidation event, investors may see it as a buying opportunity,” he said. “My official forecast is $200,000 by the end of the year.”
At the 2025 European Blockchain Convention in Barcelona, Kendrick explained that even under less optimistic conditions, Bitcoin could still rise “well north of $150,000” by year-end, assuming the Federal Reserve continues with expected rate cuts.
Despite heightened volatility and what he called “Trump noise around tariffs,” Kendrick said market fundamentals remain constructive. “The current dip will prepare us for another leg up,” he added.
ETFs and Gold Could Fuel the Next Rally
Kendrick expects inflows into Bitcoin exchange-traded funds (ETFs) to play a key role in the cryptocurrency’s recovery. “Mostly on the back of the ETF inflows,” he said, “there’s no reason for them to stop. The US government shutdown, Fed rate cuts. All that story is playing out already in gold.”
Gold’s climb to record highs this month could also lift Bitcoin’s appeal as a hedge asset. Kendrick believes the renewed “safe-haven” narrative will attract institutional capital back into digital assets.
On Tuesday, Bitcoin ETFs logged $477 million in net inflows, breaking a four-day losing streak, according to data from Farside Investors. This rebound suggests investors are stepping back into the market following the sharp sell-off.
Volatility May Persist, but Sentiment Turns Constructive
Kendrick cautioned that it could take several weeks for the market to stabilize fully. However, he sees the recent turmoil as part of Bitcoin’s recurring boom-and-retrace rhythm. “This could ultimately become the next significant ‘buying opportunity’ for investors,” he said.
At the time of writing, Bitcoin traded near $108,000, down about 6% over the past month but holding above last week’s lows. Kendrick’s base case still sees Bitcoin rallying to $200,000 by year-end, with his long-term target of $500,000 by 2028, when Trump’s second term would conclude, remaining unchanged.
