Key TakeawaysStandard Chartered’s Geoff Kendrick says Bitcoin remains on track to hit $200,000 by year-end despite the $19B market liquidation.Kendrick views the recent sell-off as a major accumulation opportunity ahead of renewed ETF inflows and Fed rate cuts.The bank expects Bitcoin’s bullish trajectory to continue into 2025, supported by gold’s strength and macro easing.Bitcoin’s Path to $200K Remains Intact After $19B Sell-OffThe recent $19 billion market crash may set the stage for Bitcoin’s next major rally, according to Standard Chartered’s global head of digital assets research, Geoff Kendrick.In an exclusive interview with Cointelegraph at the 2025 European Blockchain Convention in Barcelona, Kendrick said the post-liquidation recovery could drive Bitcoin (BTC $108,231) toward $200,000 by the end of 2025, with strong upside potential even under bearish conditions.“My official forecast is $200,000 by the end of the year,” Kendrick said. “Even in a bear case, I still see Bitcoin well north of $150,000 if the Fed continues cutting rates as markets expect.”Bitcoin recently dipped to a four-month low of $104,000 after the liquidation wave on Oct. 10, which wiped out billions in leveraged positions. Still, Kendrick noted that such capitulation events historically precede large accumulation phases.‘Buying Opportunity’ After Liquidation ShockKendrick believes the recent volatility mirrors prior cyclical resets, where leveraged traders are flushed out before a fresh institutional leg higher.“As the dust settles, investors will likely view this sell-off as another buying opportunity,” he added.Bitcoin has declined about 6% over the past month, but Kendrick emphasized that the correction should be seen in context of long-term structural demand, not short-term panic.ETF Inflows and Gold Momentum to Power Next RallyKendrick expects Bitcoin ETF inflows to remain the primary driver of BTC’s recovery. Despite short-term outflows tied to political uncertainty, U.S. spot ETFs saw $477 million in net inflows on Tuesday, ending a four-day losing streak, according to Farside Investors.“There’s no reason for ETF inflows to stop,” Kendrick said. “The same macro forces supporting gold — Fed rate cuts and government spending — are also setting up Bitcoin for a strong rebound.”Gold, which recently hit an all-time high, remains a crucial reference point for Bitcoin’s safe-haven narrative, Kendrick noted, as investors increasingly view both as hedges against monetary debasement.Long-Term Outlook: $500K by 2028Kendrick reiterated his longer-term forecast, first made in February, that Bitcoin could reach $500,000 by 2028, assuming continued ETF adoption and U.S. fiscal expansion under a second Trump administration.For now, he sees the $104,000 zone as a likely cyclical bottom, setting up a steady recovery toward $200,000 by late 2025.