Geoff Kendrick, head of digital asset research at Standard Chartered, has adjusted his forecast for Bitcoin. In December, he reduced his 2026 price target for the cryptocurrency from $300,000 to $150,000 per coin. This new target still suggests about 55% upside from levels observed on January 15.
Kendrick stated that buying by Bitcoin digital asset treasury companies is likely over. "Specifically, we think buying by Bitcoin digital asset treasury companies (DATs) is likely over, as valuations ... no longer support further Bitcoin DAT expansion," he said. "We expect a consolidation rather than outright selling, but DAT buying is unlikely to provide further support."
The analyst linked this shift to challenges facing companies like MicroStrategy, which pioneered the strategy of using capital markets to fund Bitcoin purchases. Their stock has been declining since the middle of last year.
Despite the reduced long-term target, Kendrick remains optimistic about Bitcoin's performance this year. He points to the potential of spot-Bitcoin exchange-traded funds (ETFs) to attract more institutional investment. Recent U.S. legislative and executive actions are seen easing regulatory concerns for investors.
Bitcoin has shown resilience recently. After a sell-off last year when it peaked around $126,000, the token has performed well amid mounting geopolitical tensions. Over the past month, its price movement has closely tracked that of gold.
Kendrick, one of the few Wall Street analysts regularly publishing crypto research, acknowledged the environment is less bullish than at the start of last year. However, he expressed confidence in Bitcoin given persistent geopolitical tensions and U.S. debt issues. "I still think Bitcoin can perform well," he said.