Standard Chartered wavers on $100K Bitcoin year-end call, says it may be ‘too low’

Standard Chartered’s chief digital asset researcher, Geoff Kendrick, expressed optimism about Bitcoin's potential to reach its all-time high of $126,000 by the end of the year. In a recent note, Kendrick pointed to several factors that could contribute to this upward trend, including the recovery of spot Bitcoin ETF inflows and a significant rally driven by short liquidations.

Kendrick noted that low open interest could provide an opportunity for more investors to return as prices continue to rise. He also admitted that his end-of-year forecast of $100,000 for Bitcoin may have been too conservative. This adjustment comes after Kendrick previously lowered his target for Bitcoin and Ether in February, with Bitcoin at $100,000 and Ether at $4,000.

Other industry analysts have echoed Kendrick's optimism, pointing to signs that the bear market may be nearing its end. Swan Bitcoin CEO Cory Klippsten suggested that Bitcoin could bottom out in October, while 10x Research founder Markus Thielen indicated that a close above $63,000 in August would confirm a bear-market bottom. As of the latest data from CoinGecko, Bitcoin was trading at $76,844, marking a 24% increase over the past week.