Bitcoin took a heavy hit this month, falling nearly 15% after Michael Saylor’s Bitcoin-focused firm Strategy (Nasdaq: MSTR) revealed on June 1 that it had sold 32 BTC during the previous week. The move surprised the crypto market and triggered fresh concerns about short-term selling pressure.
The announcement carried extra weight because Strategy had spent years building its reputation around aggressive Bitcoin accumulation. Although Saylor hinted at the possibility of a sale weeks earlier, traders still reacted sharply once the disclosure became official.
Bitcoin’s price quickly slid as market sentiment weakened.
Standard Chartered Keeps Bullish Outlook
During the market decline, 172-year-old banking giant Standard Chartered maintained its optimistic stance on Bitcoin. In a June 4 note sent to clients, Geoffrey Kendrick, the bank’s global head of digital assets research, repeated his long-term prediction that Bitcoin could reach $100,000 by the end of 2026.
According to Reuters, Kendrick described the latest downturn as a difficult phase for the crypto market.
“This week has been painful in crypto. There is really no other way of putting it.”
He also commented on Strategy’s timing, saying:
“The timing of the sale was a shame.”
Despite the market reaction, Kendrick believes the current situation could mirror Strategy’s actions in 2022, when the company briefly sold Bitcoin before later expanding its holdings again. He expects another aggressive round of Bitcoin buying from the company in the future.
Bitcoin Faces Pressure Below $60K
Kendrick warned that Bitcoin may see additional downside if prices fall below the $60,000 mark. Even so, he pointed out that many bullish positions have already been cleared from the market, which could reduce the intensity of future sell-offs.
Bitcoin has struggled throughout the year compared to traditional equities. While the cryptocurrency has dropped 27% in 2026 so far, the S&P 500 index has gained 10% during the same period.
At the time of writing, Bitcoin traded near $63,517, according to Decibel.
Short-term volatility continues to dominate crypto trading, especially after large institutional moves. Still, Standard Chartered’s latest forecast shows that major financial institutions remain confident about Bitcoin’s long-term direction.
Kendrick maintained that current price levels could eventually be viewed as a major buying opportunity if Bitcoin reaches the bank’s projected $100,000 target by late 2026.
