The price of Bitcoin (BTC) has crashed 15% this month since Michael Saylor’s Bitcoin treasury company Strategy (Nasdaq: MSTR) announced on June 1 that it had sold 32 BTC the previous week.
Though Saylor had dropped a hint regarding its possibility last month, the announcement shook the crypto market and Bitcoin began to violently crash.
Related: Jim Cramer has blunt response to Bitcoin ‘murder’
Standard Chartered doubles down on bullish Bitcoin target
Amidst the crypto market crash, Standard Chartered sent a note to its client on June 4 in which the bank’s global head of digital assets research Geoffrey Kendrick doubled down on his bullish Bitcoin prediction for the end of 2026.
As per the latest Reuters report, Kendrick called it a “painful week” for crypto as Strategy disclosed its first sale of Bitcoin after 2022.
“The timing of the sale was a shame,” he wrote. “This week has been painful in crypto. There is really no other way of putting it.”
But the analyst expects a repeat of 2022 from Strategy when the company sold its Bitcoin holdings only to accumulate more BTC later. He expects an “aggressive” buying back of Bitcoin from Strategy again.
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The analyst warned that Bitcoin could face additional selling pressure if it falls below $60,000. However, he noted that fewer bullish positions remain to be unwound, given the cryptocurrency’s underperformance relative to stocks this year.
While Bitcoin has declined 27% this year, the S&P 500 index has surged 10% during the same period.
Overall, Kendrick remained bullish on Bitcoin in his latest note and reiterated the year-end price target of $100,000.
“When we look back at the end of 2026 with Bitcoin at $100K, we will say this was the buying zone we all wanted.”
Bitcoin was trading around $63,517 at the time of writing, as per Decibel.
Related: Dave Portnoy makes bold call as Bitcoin, XRP crash
This story was originally published by TheStreet on Jun 4, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
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