Bitcoin’s recent correction has left many investors second-guessing their positions. But for Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, the pullback was nothing more than a pause within a bull cycle that remains fully intact.

His verdict is unambiguous: the bottom is most likely behind us, and the rebound potential exceeds 70% from the recent lows. It’s an analysis worth unpacking in full.

Here’s why one of the most closely followed analysts in traditional banking remains firmly bullish on BTC.

$59,000: The Level That Changes Everything, According to Standard Chartered

Geoffrey Kendrick identifies the trough around $59,000 as the cycle low. In his view, this level represents not only a major technical support but also a reversal signal: the correction is over, and the market is repositioning itself for a new expansion phase.

This reading is grounded in both a macro and on-chain assessment of the market. Standard Chartered’s head of digital research points out that Bitcoin‘s fundamentals did not deteriorate during the sell-off: institutional flows remained present, spot Bitcoin ETFs continued to record net inflows, and the market structure showed none of the characteristics associated with a sustained bearish reversal.

In other words, the price action around $59,000 looked far more like a flush of speculative positions than a structural breakdown. A signal that experienced traders recognize as an accumulation opportunity rather than a reason to exit.

A 70% Upside: What Price Levels Does That Imply?

Applying a 70% move from around $59,000, Kendrick’s implied target lands near $100,000 — a symbolic threshold that Bitcoin had already approached during its previous peak. This is no coincidence: Standard Chartered had already published forecasts calling for six-figure BTC this cycle.

This projection fits into a broader thesis championed by the British bank: institutional adoption of Bitcoin is accelerating, driven in large part by US spot ETFs, and structural demand now outpaces available supply in the post-halving environment. These two catalysts combined create, according to Kendrick, the conditions for a significant breakout in the months ahead.

That said, it is worth remembering that analyst forecasts, even from top-tier institutions, remain probabilistic scenarios. Bitcoin’s volatility can invalidate any price target within a matter of sessions — in either direction.

Standard Chartered in the Bull Camp: A Voice That Carries Weight

This is not the first time Geoffrey Kendrick has taken a public stance on Bitcoin with ambitious price targets. Standard Chartered is one of the very few major traditional banks to have built a dedicated digital assets research team, which gives its analysis particular weight in institutional circles.

The fact that an institution of this caliber openly describes the recent correction as a “simple pause” rather than the beginning of a bear market sends a strong signal to the market. It reinforces the view that the 2024–2025 bull cycle remains intact, despite the short-term turbulence that rattled broader sentiment.

For investors tracking macro indicators and institutional flows, this kind of positioning from a major banking player is a market sentiment signal worth factoring into their overall read of the crypto market.