Bitcoin selloff: Standard Chartered keeps $100K BTC and $4K ETH targets

Published: 2026-06-13 10:00:07 |

Standard Chartered’s digital-assets head Geoffrey Kendrick says the current Bitcoin selloff likely marked the cycle bottom, keeping the bank’s year-end targets at $100,000 for Bitcoin and $4,000 for Ethereum. After BTC slid toward the $59,000 area and rebounded to around $63,500, Kendrick described the drop as the “likely low” rather than the start of a new breakdown. In his note, Kendrick linked the Bitcoin selloff to forced selling, weak Bitcoin ETF flows, and liquidity stress—factors that he argues caused the deepest damage during the drawdown. The $100K BTC target now depends on confirmation from improving ETF inflows and renewed institutional demand. He pointed to heavy U.S. fund outflows during the selloff as a key reason the institutional bid weakened. Ethereum remains a secondary but important part of the thesis. Kendrick kept the $4,000 ETH target and expects ETH to outperform BTC if the ETH/BTC ratio rebounds. He tied Ethereum demand to stablecoins, tokenized assets, and on-chain settlement, and said ETH price weakness has kept the ratio under pressure. Additional near-term signals Kendrick highlighted include: Bitcoin holding around $59,000, ETF inflows returning, “Strategy” demand stabilizing, and relative strength for ETH. He also referenced liquidity dynamics around major listings (including the SpaceX IPO window) and ongoing corporate-style absorption of BTC supply (via Michael Saylor’s company).

Bullish

Standard Chartered is not turning bearish on the Bitcoin selloff. Instead, it frames the $59,000 dip as the likely cycle low and reiterates $100K BTC and $4K ETH year-end targets. That stance typically supports dip-buying behavior, especially when traders believe liquidity stress is easing and the next catalyst is improving Bitcoin ETF flows. However, Kendrick explicitly makes the call conditional: confirmation requires sustained ETF inflows and stronger institutional demand. Historically, similar “bottom call” frameworks have worked best when ETF/spot flow data stabilized after a sharp outflow phase; otherwise, prices can chop or drift lower even if the narrative is constructive. In the short term, the market will likely stay sensitive to renewed outflows/redemptions and liquidity conditions. In the longer term, if ETF flows turn consistently positive and the ETH/BTC ratio rebounds, the bank’s relative-rotation thesis could reinforce an ETH-led rally—supporting a broader risk-on posture across crypto.