Bitcoin might still be on course to reach the $200,000 mark by year’s end, despite a record-breaking $19 billion liquidation across crypto markets and renewed tariff tensions sparked by U.S. President Donald Trump, according to Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered.
The crypto sector suffered one of its largest liquidation events on the weekend of October 10, wiping out $19 billion in leveraged positions and sending Bitcoin’s price tumbling to a four-month low near $104,000 by Friday.
Now that the market turbulence has eased, Kendrick believes the correction could serve as a launchpad for the next major rally. He predicts Bitcoin could climb toward $200,000 by late 2025, emphasizing that short-term volatility is part of the natural growth cycle.
“My official forecast remains $200,000 by year-end,” Kendrick said in an interview during the 2025 European Blockchain Convention in Barcelona.
Even with what he called the “tariff noise” surrounding Trump’s trade policies, Kendrick maintains a bullish stance, noting that even a conservative scenario would still place Bitcoin “well above $150,000” by December—assuming the Federal Reserve continues lowering interest rates as markets expect.
Bitcoin has dropped around 6% in the past month, trading near $108,000 at press time. Kendrick expects the market to stabilize in the coming weeks, describing the sell-off as a potential “accumulation phase” that could become another strong buying opportunity for investors.
ETF Flows and Gold Could Drive the Next Rally
Kendrick pointed to Bitcoin exchange-traded funds (ETFs) as the main catalyst for renewed momentum through the rest of the year.
“This dip sets the stage for another leg higher, mostly fueled by ETF inflows,” he said, explaining that the macro environment—U.S. government spending, Fed rate cuts, and rising gold prices—supports continued demand.
“There’s no reason for ETF inflows to stop. We’re seeing the same story playing out in gold,” Kendrick added.
Gold recently hit new all-time highs, which he believes reinforces Bitcoin’s status as a digital safe-haven asset.
Bitcoin ETFs have already seen a recovery in demand after several days of politically driven outflows. On Tuesday, total inflows reached $477 million, according to data from Farside Investors—marking a sharp turnaround and ending a four-day losing streak.
Earlier this year, Kendrick made an even bolder projection, suggesting Bitcoin could reach $500,000 by the time Trump’s second presidential term concludes in 2028.
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