Standard Chartered has maintained its forecast for Bitcoin to reach $100,000 by the end of 2026, describing the cryptocurrency as "a screaming buy." The bank views MicroStrategy's recent Bitcoin sales as a communication issue, not a market signal.
Standard Chartered's reiterated bullish stance and analysis of MicroStrategy's strategy could influence investor sentiment and confidence in Bitcoin's long-term trajectory.
Standard Chartered has reiterated its forecast for Bitcoin to reach $100,000 by the end of 2026, describing the cryptocurrency as "a screaming buy." The bank's analyst, Geoff Kendrick, characterized MicroStrategy's recent Bitcoin sales as "mostly noise" and a communication problem, rather than a signal of a negative medium-term direction for Bitcoin. MicroStrategy has begun selling its Bitcoin holdings to fund dividends on its preferred stock, a shift from its previous accumulation strategy. The company sold 3,588 BTC for approximately $216 million between June 29 and July 5, leaving it with 843,775 BTC. Kendrick suggested that clear communication from MicroStrategy could reassure markets and potentially remove the need for further sales, especially given the over-collateralization of the reserve behind the dividend. Bitcoin was trading around $64,440 on Friday, up 3.8% on the week but down 42% year-to-date. Traders remain skeptical about MicroStrategy resuming its buying spree, with a prediction market indicating a low chance of the company holding over 1 million BTC before 2027.