Standard Chartered’s head of digital asset research, Geoff Kendrick, says Bitcoin could move back toward its $126,000 all-time high before year-end, with the pace of recovery potentially improving after Oct. 6. In a Friday note sent to Cointelegraph, Kendrick said the latest rebound has been driven mainly by short liquidations, while inflows into spot Bitcoin ETFs have begun to recover. He also pointed to low open interest as a sign that there may still be room for investors to return as prices climb.
Kendrick said his current $100,000 year-end forecast may now be too low, marking a shift from a Feb. 12 report in which Standard Chartered cut its Bitcoin target to $100,000 from $150,000 and lowered its Ether target to $4,000 from $7,500. At the time, he expected Bitcoin to fall to around $50,000 and Ether to $1,400 before recovering later in the year.
Other market watchers have also said the bear market may be close to ending. Swan Bitcoin CEO Cory Klippsten said Bitcoin may bottom in October, while 10x Research founder Markus Thielen said an August close above $63,000 could confirm a bear-market bottom. Bitcoin was trading at $76,844 at the time of writing, up 24% over the past week, according to CoinGecko.
Standard Chartered says its $100,000 year-end Bitcoin forecast may be too low
Bitcoin could be heading back toward its $126,000 all-time high before the end of the year, and the rebound may accelerate after Oct. 6, according to Geoff Kendrick, Standard Chartered’s global head of digital asset research.
In a Friday note shared with Cointelegraph, Kendrick said the latest rally has been driven largely by short liquidations. He also said spot Bitcoin exchange-traded fund inflows have started to recover. Low open interest, he added, could still leave room for more investors to return as prices rise.
“For the first time this year there is now a risk my end year forecast (of USD100k) is too low,” Kendrick wrote.
Kendrick had already cut Bitcoin and Ether targets in February
On Feb. 12, Kendrick lowered Standard Chartered’s year-end Bitcoin target to $100,000 from $150,000 and cut its Ether target to $4,000 from $7,500. At the time, he said he expected Bitcoin to drop to around $50,000 and Ether to $1,400 before recovering over the rest of the year.
Other market watchers have pointed to signs that the bear market may be nearing an end. Swan Bitcoin CEO Cory Klippsten said Bitcoin may bottom in October, while 10x Research founder Markus Thielen said an August close above $63,000 could confirm a bear-market bottom.
At the time of writing, Bitcoin was trading at $76,844, up 24% over the past week, according to CoinGecko data.
Cointelegraph also linked to a Magazine article titled “How Bitcoin and gold reacted differently to the Iran war shock.”
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