A sharp sell-off that wiped out roughly $19 billion in crypto assets might seem like a setback — but analysts at Standard Chartered believe it could instead signal the start of a major rebound for Bitcoin (BTC), pointing to a possible surge to $200,000 by the end of 2025.
Cointelegraph
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CoinCentral
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Crash as a setup for recovery

Earlier this month, the crypto market was rocked by a record-setting liquidation event estimated at about $19 billion — the biggest single-episode blow-out seen so far. Bitcoin dropped to around $104,000, a four-month low, as traders were forced to unwind positions en masse.
Cointelegraph
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However, Standard Chartered’s head of digital-assets research, Geoff Kendrick, argues that this crash may mark a “reset” — a clearing of leverage and speculative froth that could usher in fresh accumulation and set the stage for the next leg up. He told Cointelegraph: “My official forecast is $200,000 by end of the year.”
Cointelegraph
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The foundation of the bullish case

Kendrick’s bullish outlook rests on several pillars:

ETF inflows: Spot Bitcoin exchange-traded funds (ETFs) are attracting capital, and Kendrick expects the flows to accelerate. He pointed to a recent rebound of around $477 million of net positive ETF inflows after days of politically-driven outflows.
Cointelegraph
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Macro backdrop: With inflation hopes and expectations of future rate cuts by the Federal Reserve improving, low interest rates and higher risk-asset appetite could favour Bitcoin. Kendrick also draws parallels with gold’s rally, suggesting Bitcoin may benefit as a “digital gold”-style asset.
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Market structure reset: By clearing out excess leverage and forced liquidations, the market may be better positioned for institutional capital rather than speculative blow-ups. According to Kendrick, the recent liquidation may act as a foundation for the next accumulation phase.
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But caveats remain

Despite the bold target, Standard Chartered is not oblivious to risks. Even in its bearish or “base” case scenario, Kendrick expects Bitcoin to end the year “well north of $150,000” provided macro conditions play out.
CoinCentral
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That said, some analysts are more cautious. As CryptoSlate noted, with fewer than 100 days left in 2025 and Bitcoin still trading near $108,000, a rally to $200,000 would imply almost an 83% gain — a tall order even under ideal conditions.
CryptoSlate

Major risks include unexpected tightening from central banks, a rebound in global risk-off sentiment, regulatory setbacks or a failure of institutional flows to ramp up as expected.

What it means for investors

For crypto participants and institutional watchers, Standard Chartered’s message is clear: the recent crash may offer a window rather than a warning. If Bitcoin finds a base now and institutional flows re-accelerate, the road to $200,000 may open.
However, timing matters. With the clock ticking toward year-end, investors may need to act sooner rather than later if they believe in the target. On the flip side, for those who doubt it, the downturn could offer a chance to reassess risk, take profits or rethink positioning given the uncertainty inherent in crypto markets.

Bottom line

The $19 billion crash that rattled the crypto market is now being reframed by Standard Chartered as a catalyst, not a collapse. Their target of $200,000 for Bitcoin by the end of 2025 is ambitious but driven by intersecting themes of ETF capital, favourable macro- conditions and a market clearance of excess leverage. That target remains contingent on execution — and given the volatile nature of crypto, it’s far from guaranteed. But for now, that meltdown may in fact be the stepping-stone for the next leg of the crypto ride.