Standard Chartered’s Geoffrey Kendrick says Bitcoin could still face a final washout to $50,000 before recovering sharply, arguing that the current drawdown looks more like a macro-led tech capitulation than a crypto-specific breakdown. Speaking on Deribit’s Crypto Options Unplugged, Kendrick, the bank’s global head of digital assets research, said he still expects Bitcoin to end the year at $100,000 and reach $500,000 by 2030, even as he warned that the near-term setup remains fragile. “Picking the bottom is always extremely difficult,” Kendrick said, framing the recent selloff as mostly orderly outside a few volatile weeks. He argued that institutional positioning has held up better than many expected, pointing to relatively sticky ETF exposure and continued buying from MicroStrategy even after the stock’s premium to net asset value fell below one