Geoff Kendrick, the global head of digital assets research at the bank, said on Tuesday he now expects bitcoin prices around $100,000 by the end of 2025 and $150,000 by the end of next year, both half of his previous estimates.
The rethink reflects a shift in expected demand, with future buying likely to be driven mainly by exchange-traded funds rather than by companies adding bitcoin to their balance sheets, he said. Many bitcoin holding companies now trade at a discount to the value of their crypto assets.Kendrick still believes bitcoin can reach $500,000, but only by 2030, marking a two‑year delay from his earlier call.The recalibration from one of the biggest bitcoin bulls underlines the depth of the price slide and the sharp deterioration in sentiment, which could raise further questions about the crypto industry.
Kendrick, however, said his sense was this was “not a crypto winter, just a cold breeze.”
