Bitcoin (BTC) Price Forecast: Standard Chartered Says $64K Presents Major Buying Opportunity

TLDR

• Standard Chartered maintains its Bitcoin price forecast of $100,000 by the end of 2026
• The financial institution attributes Strategy’s Bitcoin sales to miscommunication rather than underlying weakness
• Strategy divested 3,588 BTC worth approximately $216 million in its biggest single transaction
• STRC, Strategy’s perpetual preferred stock, plummeted to $71.25 on June 26, creating downward pressure on BTC
• Bitcoin bounced back above $64,000, posting gains exceeding 2% during the trading session

Bitcoin experienced a sharp decline from $80,000 to $60,000 following Strategy Inc.’s June 1 disclosure that it had liquidated 32 BTC during the prior week. The revelation sent shockwaves through cryptocurrency markets and sparked widespread panic selling.

Bitcoin (BTC) Price

Geoffrey Kendrick, who serves as Standard Chartered’s Global Head of Digital Assets Research, dismissed the market’s negative response. He characterized the decline as stemming from a “communication challenge” by Strategy rather than reflecting any fundamental weakness in Bitcoin.

Strategy currently maintains custody of 843,775 BTC, securing its position as the world’s largest institutional Bitcoin holder. The company historically adhered to a strict “never sell bitcoin” philosophy, relying on debt financing and equity offerings to fund continuous accumulation.

This acquisition model proved effective when Strategy’s market valuation, reflected in its mNAV ratio, remained substantially above 1.0. The company could issue new shares, purchase Bitcoin with the proceeds, and create more value than the dilution caused by share issuance.

Strategy Revises Its Bitcoin Approach

Now that mNAV has declined toward 1.0, the previous approach has lost its effectiveness. Strategy is restructuring its Bitcoin reserves to support STRC, its perpetual preferred equity instrument that delivers a 12% yearly dividend.

STRC represents approximately $10 billion in notional value, establishing it as Strategy’s most significant financial product. The security experienced a dramatic decline from its $100 par value, touching an intraday bottom of $71.25 on June 26, and presently hovers near $90.

Strategy has initiated a monetization framework to periodically liquidate Bitcoin holdings, including plans to generate up to $1.25 billion for its dividend reserve fund. The company’s present USD reserves total $2.55 billion, sufficient to cover roughly 17.4 months of dividend obligations.

Kendrick suggested that transparent communication of this strategy should eliminate uncertainty around future Bitcoin disposals. He drew parallels to central bank forward guidance and emphatically labeled Bitcoin at $64,000 as “a screaming buy.”

Not Everyone Agrees

JPMorgan research analysts cautioned that establishing a formal Bitcoin sales program introduces “avoidable two-way risk,” transforming Strategy into both a buyer and seller in the market.

Zach Pandl, Grayscale’s head of research, offered a contrasting perspective. He contended the sales actually fortify Strategy’s financial position and contribute to establishing a more sustainable Bitcoin price foundation.

Strategy’s latest transaction involved selling 3,588 BTC for roughly $216 million, representing its largest individual Bitcoin sale to date.

At press time, Bitcoin was changing hands near $63,971, showing a 1.5% increase over the previous 24-hour period. Strategy equity remained unchanged at approximately $93.99.

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