Geoff Kendrick has seen sufficient.
“Latest worth motion in bitcoin has been difficult, to say the least,” stated Commonplace Chartered’s world head of digital property in a Tuesday be aware titled “Not a crypto winter, only a chilly breeze.”
Key among the many causes for Kendrick’s shift is the collapse within the share values of bitcoin-focused digital asset treasury firms (DATs). One leg of his bull case, stated Kendrick, was continued waves of shopping for by these corporations. Their sharp worth declines — many, if not most, now buying and selling for beneath the worth of the bitcoin on their stability sheets — leaves them significantly constrained of their skill increase additional capital for recent BTC purchases.
“We count on a consolidation fairly than outright promoting, but DAT shopping for is unlikely to offer additional help,” stated Kendrick.
The bitcoin bull case going ahead, Kendrick continued, now rests solely with ETF shopping for. He thus slashed his year-end 2025 worth outlook to $100,000 from $200,000, 2026 to $150,000 from $300,000, 2027 to $225,000 from $400,000 and 2028 to $300,000 from $500,000. That $500,000 goal will now have to attend till 2030, stated Kendrick.
Institutional entry and investment-committee decision-making can take time, concluded Kendrick, but may in the end drive the following main wave of demand.
Learn extra: JPMorgan Maintains Bitcoin’s Gold-Linked Target at $170K Despite Recent Drop
