Standard Chartered Analyst's Bullish Outlook
Bitcoin (BTC) could see a significant surge in 2026, according to Geoffrey Kendrick, Standard Chartered’s head of digital asset research. Kendrick, a veteran analyst known for his long-term bullish stance on Bitcoin, reaffirmed his positive outlook, suggesting that the cryptocurrency remains a strong buy despite a reduction in his longer-term price target. He believes Bitcoin has the potential to increase by as much as 55% this year alone. In December 2025, Kendrick revised his 2026 price forecast, halving it from $300,000 to $150,000 per coin.
Shift in Digital Asset Treasury Demand
Digital asset treasuries (DATs) emerged as a prominent trend in the cryptocurrency space, particularly after Michael Saylor's company began leveraging its balance sheet to accumulate BTC in 2020. The firm subsequently raised billions through bond offerings to expand its holdings, a strategy that inspired other companies to follow suit. However, Kendrick now believes that DATs are no longer the primary driver in crypto. As reported by Motley Fool, he stated, "Specifically, we think buying by Bitcoin digital asset treasury companies (DATs) is likely over, as valuations ... no longer support further Bitcoin DAT expansion. We expect a consolidation rather than outright selling, but DAT buying is unlikely to provide further support."
Despite this shift, Kendrick remains optimistic about future gains, attributing them to the influence of spot Bitcoin exchange-traded funds (ETFs). He argues that these financial products effectively lower the barriers for institutional investors to participate in the cryptocurrency market. This trend is expected to accelerate under the Trump administration, which has supported several pro-crypto legislative measures and executive orders designed to reduce regulatory uncertainty for investors. Notably, on January 13, U.S. spot Bitcoin ETFs recorded a single-day inflow of $753.73 million, marking their highest inflow in three months.
Market Performance and External Factors
Bitcoin commenced 2025 with a strong performance, reaching $102,000 in early January following Donald Trump's assumption of the presidency. The asset then experienced fluctuations, trading between $98,000 and $104,000 before declining to $76,000 by April. A gradual recovery ensued, peaking near $126,000 in October, only to be followed by a flash crash that erased significant gains. By the end of the year, Bitcoin was trading between $86,000 and $94,000, falling short of even the most conservative forecasts.
In 2026, Bitcoin has shown signs of recovery, reaching $97,538 on January 15 before experiencing a slight pullback. At the time of this report, Bitcoin was down 2.1% to $93,216, influenced by renewed tariff threats from Trump, this time directed at European allies over what he referred to as the "Greenland deal."