Bitcoin may still be on track to reach $200,000 by the end of the year, even after a record $19 billion market liquidation and renewed tariff threats from US President Donald Trump, according to Standard Chartered’s global head of digital assets research, Geoff Kendrick.

The crypto market experienced a record $19 billion liquidation event on the weekend of Oct. 10, which caused Bitcoin’s (BTC) price to dip to a four-month low of $104,000 by Friday, Cointelegraph reported at the time.

As the dust settles after the massive liquidation event, investors may see it as a buying opportunity. This dynamic may fuel a Bitcoin rally to $200,000 by the end of 2025, Kendrick said. Despite the volatility, he remains confident that Bitcoin will rebound as markets stabilize.

“My official forecast is $200,000 by the end of the year,” he told Cointelegraph during an exclusive interview at the 2025 European Blockchain Convention in Barcelona. 

Despite the “Trump noise around tariffs,” Kendrick said he still sees a price rise “well north of $150,000” in the bear case for the end of the year, assuming the US Federal Reserve continues cutting interest rates to meet market expectations.

BTC/USD, 1-month chart. Source: Cointelegraph

Bitcoin fell 6% over the past month and traded at about $108,260 at the time of writing, Cointelegraph data shows.

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Kendrick said the aftermath of the liquidation event may take several weeks to settle, but investors may soon view the sell-off as another accumulation phase.

This could ultimately become the next significant “buying opportunity” for investors, he said.

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Bitcoin to rally on back of ETFs, gold price: Geoff Kendrick

Kendrick predicted continued inflows to Bitcoin exchange-traded funds (ETFs) as the primary driver of Bitcoin’s price momentum for the rest of the year.

The current dip will prepare us for another leg up, “mostly on the back of the ETF inflows,” Kendrick said, adding:

“There’s no reason for them to stop. The US government shutdown, Fed rate cuts. All that story is playing out already in gold.”

Gold’s recent all-time highs will also translate into more momentum for Bitcoin, as its safe-haven asset narrative reemerges, he added.

Bitcoin ETFs recorded a sharp rebound in flows this week after several days of politically driven outflows. On Tuesday, the funds saw $477 million in net positive inflows, according to Farside Investors, breaking a four-day losing streak.

Bitcoin ETF inflows, USD, million. Source: Farside Investors

In a February interview, Kendrick predicted that Bitcoin could surge to $500,000 by the time Trump concludes his second term in 2028, Cointelegraph reported.

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