Standard Chartered Revises Bitcoin Forecast Upward, Questions $100K Target as 'Potentially Too Conservative'

Standard Chartered Revises Bitcoin Forecast Upward, Questions $100K Target as 'Potentially Too Conservative'

Geoff Kendrick from Standard Chartered suggests Bitcoin might reach its $126,000 peak after October 6 as inflows into spot Bitcoin ETFs show signs of recovery.

The leading cryptocurrency could climb toward its record peak of $126,000 by year's end, with the upward momentum potentially gaining speed following Oct. 6, based on analysis from Geoff Kendrick, who serves as global head of digital asset research at Standard Chartered.

In a note distributed to Cointelegraph on Friday, Kendrick explained that the most recent price surge has been primarily fueled by short position liquidations, though inflows into spot Bitcoin exchange-traded funds have begun showing signs of recovery as well. According to him, the current low open interest environment could create opportunities for additional investors to enter the market as valuations continue to climb.

For the first time this year there is now a risk my end year forecast (of USD100k) is too low.

Geoff Kendrick, Standard Chartered

Earlier this year on Feb. 12, Kendrick revised Standard Chartered's year-end price projection for Bitcoin downward to $100,000 from a previous estimate of $150,000, while also lowering the Ether forecast to $4,000 from an earlier target of $7,500. During that time, his prediction anticipated Bitcoin would decline to approximately $50,000 and Ether to $1,400 prior to experiencing a rebound throughout the remainder of the year.

Additional market analysts have similarly identified indicators suggesting the bearish phase could be approaching its conclusion. Cory Klippsten, who serves as CEO of Swan Bitcoin, has suggested that Bitcoin may reach its lowest point in October, whereas Markus Thielen, founder of 10x Research, indicated that if August concludes above $63,000, it could serve as confirmation of a bear-market bottom.

At the moment of publication, Bitcoin was changing hands at $76,844, representing a 24% increase over the preceding seven-day period, based on data from CoinGecko.