PiCK
Standard Chartered’s Kendrick Says $100,000 Bitcoin Target May Be Too Low, Sees Return to Record High
Summary
- Standard Chartered’s Geoff Kendrick said its Bitcoin year-end $100,000 target may be too low, with the token now having a chance to approach its all-time high.
- He said the recent Bitcoin rally was driven by short liquidations and recovering inflows into US spot Bitcoin ETFs.
- He also said low open interest in the futures market leaves room for further gains, with Bitcoin potentially moving toward $126,000 by year-end after October 6.
Forecast Trend Report by Period
Bitcoin’s sharp rebound has fueled expectations that it could top $100,000 by year-end and move back toward a record high.
Cointelegraph reported on August 21 that Geoff Kendrick, Standard Chartered’s global head of digital assets research, wrote in a report that for the first time this year, the bank’s $100,000 year-end target for Bitcoin may be too low.
Kendrick said the recent advance in Bitcoin was driven mainly by short liquidations. He also said inflows into US spot Bitcoin exchange-traded funds are recovering.
He also pointed to low open interest in the futures market as support for further gains. That suggests there is still room for new investors to enter the market even as prices rise.
Kendrick wrote that Bitcoin’s rally could strengthen further after October 6 and that it may move toward its previous all-time high of $126,000 by year-end.
Kendrick had cut his year-end Bitcoin target to $100,000 from $150,000 in February. At the time, he expected Bitcoin to recover to $100,000 by the end of the year after falling to about $50,000, but the market’s recent rebound has raised the possibility of a higher price than that earlier forecast.
As of 9 p.m., Bitcoin was trading at $76,712, up 6.99% from a day earlier.
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