Standard Chartered Holds $100K Bitcoin Target: ‘The Bottom Is Almost In’

Despite a brutal Bitcoin correction below $61,000, Standard Chartered is not changing course. The $920 billion investment bank is holding its target at $100,000 and believes the market is approaching a major turning point.

A strong signal in the middle of widespread panic — and a market reading that stands in sharp contrast to the prevailing bearish sentiment. Here is why this analysis deserves attention.

Between spot Bitcoin ETF flows, MicroStrategy‘s accumulation strategy, and key technical support levels, several catalysts could justify this bullish scenario.

Standard Chartered Holds Its Target Despite the Drop Below $61,000

Bitcoin‘s correction has shaken the conviction of many market participants. Yet Standard Chartered — one of the world’s largest investment banks — is unambiguously maintaining its price forecast of $100,000 per BTC. In a note to clients, the bank stated that the bottom of the current cycle is “almost in,” encouraging investors to consider a buy-the-dip approach at these levels.

This stance comes as Bitcoin plunged below $61,000, wiping out several weeks of gains and triggering a wave of liquidations across derivatives markets. For Standard Chartered, this volatility does not undermine the medium-term bullish trajectory — on the contrary, it represents an entry opportunity.

The bank’s view is grounded in a macro and on-chain reading of the market: fundamentals remain solid, institutional flows continue to accumulate, and the historical support levels around $60,000 form a structural demand zone. This narrative stands in stark contrast to the nervousness seen among retail traders.

Spot Bitcoin ETFs and MicroStrategy: The Two Pillars of the Bullish Case

Standard Chartered points to two primary catalysts to support its six-figure target. The first: spot Bitcoin ETFs, whose inflows the bank expects to regain momentum in the coming months. Since their approval by the SEC in January 2024, these products have attracted billions of dollars in assets under management, and Standard Chartered anticipates this dynamic will accelerate as volatility stabilizes.

The second catalyst highlighted is the aggressive accumulation strategy of MicroStrategy (formerly Strategy). Michael Saylor‘s company continues to buy Bitcoin at regular intervals, reinforcing buying pressure in the spot market and sending a strong conviction signal to hesitant institutional players.

These two forces combined — institutional demand via ETFs and corporate accumulation — form, according to the bank, a foundation solid enough to absorb current selling pressure and propel BTC to new all-time highs. The question is not if this reversal happens, but when, according to Standard Chartered‘s analysis.

What Does Market Data Say at This Stage of the Cycle?

From a technical standpoint, Bitcoin is trading within a critical support zone. The $60,000–$62,000 range represents a historical demand level, aligning with both long-term moving averages and the average cost basis for many institutional holders. Holding above this range would reinforce the case for a cycle bottom.

On the on-chain side, data from CryptoQuant points to net accumulation by long-term holder addresses, while exchange reserves of BTC are declining — a sign that selling pressure is fading. The Fear & Greed Index sitting in extreme fear territory has historically served as a contrarian buy signal.

Standard Chartered is not alone in this reading: several institutional desks share a similar outlook for the second half of 2024, with Bitcoin capable of reclaiming the $80,000–$100,000 range if macro conditions — particularly a pivot from the Fed on interest rates — materialize. The market remains under significant pressure, but accumulation signals point toward a gradual recovery.