In the past, when Bitcoin's mining reward is halved every four years, the price has usually gone up a lot and then dropped quickly.
But according to Kendrick, the halving in April 2024 is different because things like ETFs and big companies buying Bitcoin are now involved.
So, Standard Chartered thinks prices will mostly keep going up, but they also think the price might drop in September or October of 2025.
2028 TARGET : $500,000 (approx)
The bank also made a very hopeful prediction for Bitcoin's price in the future.
They said that if things keep going as they are, BTC could be worth $500,000 by 2028.
ETF Outflows Could Be Temporary
Kendrick's analysis comes after Bitcoin ETFs saw their first outflow of $342.3 million.
This happened after 15 days in a row of money coming in, and it's only 7% of the $4.8 billion that came in during those 15 days.
Even so, Kendrick said that ETFs and big companies bought a total of 245,000 BTC in the second three months of 2025.
He also said they will buy even more in the next two three-month periods.