Geoff Kendrick, global head of digital assets research at Standard Chartered, said Bitcoin could move toward a record high of $126,000 before the end of the year, with the recovery potentially accelerating after Oct. 6. He said there is now, for the first time this year, a risk that his $100,000 year-end Bitcoin forecast may be too low. Kendrick added that the recent rise has been driven mainly by short liquidations, though inflows into spot Bitcoin exchange-traded funds have also started to recover. He said current open interest remains low, which may leave room for more investors to return to the market as prices rise. Kendrick had previously cut Standard Chartered's year-end Bitcoin target in February to $100,000 from $150,000, while lowering its Ethereum target to $4,000 from $7,500. At the time, he expected Bitcoin to fall to around $50,000 and Ethereum to about $1,400 before rebounding during the rest of the year.
Geoff Kendrick, global head of digital assets research at Standard Chartered, said Bitcoin could approach a record high of $126,000 before the end of the year, with that recovery potentially accelerating after Oct. 6.
「For the first time this year, there is a risk that my $100,000 year-end forecast is too low,」 Kendrick said.
He said the recent advance has been driven mainly by short liquidations. At the same time, inflows into spot Bitcoin ETFs have started to recover. Current open interest is also low, he said, which may leave room for more investors to come back into the market as prices move higher.
In February, Kendrick lowered Standard Chartered's year-end Bitcoin target to $100,000 from $150,000. He also cut the bank's Ethereum target to $4,000 from $7,500.
At that time, he expected Bitcoin to fall to around $50,000 and Ethereum to around $1,400, before both recovered over the rest of the year.
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