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The head of digital asset research at Standard Chartered, Geoffrey Kendrick, has forecasted a significant decline in the prices of Bitcoin and Ethereum due to deteriorating macroeconomic conditions and weakening market sentiment.
He estimates that in the near term, Bitcoin could drop approximately 26% — from $67,000 to $50,000, while Ethereum may face a loss of around 29%, falling from $1,950 to $1,400.
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Kendrick attributes the potential decline to the weakening U.S. economy and the Federal Reserve’s delay in lowering interest rates at least until June. The market is also experiencing additional pressure from a reduction in inflows into exchange-traded funds (ETFs) linked to Bitcoin and Ethereum: previously, these investment vehicles fueled market growth, but now many trading sessions are concluding with a net outflow of funds.
Last week, amid a drop in technology stocks and precious metals, Bitcoin fell to $60,000 — its lowest point in 16 months, while Ethereum reached $1,751, the lowest level in nine months. Both assets later partially recovered; however, according to the analyst, they remain under bearish pressure as investor interest in riskier assets diminishes.
Despite the short-term risks, Standard Chartered’s long-term outlook remains unchanged. The bank anticipates that by the end of 2030, Bitcoin could reach $500,000, Ethereum $40,000, and Solana $2,000.
In 2024, ahead of the U.S. presidential elections, Kendrick projected that Bitcoin could rise above $150,000 if Donald Trump wins, which he believes could mark the beginning of a bullish trend. Recently, the analyst revised his forecast for Solana, expecting a price of around $250 by the end of the year instead of the previously anticipated $310.
