Standard Chartered Says Bitcoin Could Climb to $126,000 on ETF Inflows, Short Liquidations
Forecast Trend Report by Period
Bitcoin could climb to $126,000 as inflows into spot exchange-traded funds combine with the liquidation of large short positions.
Geoffrey Kendrick, Standard Chartered's global head of digital assets research, said the bank's existing year-end Bitcoin price target of $100,000 may be too low, Odaily reported on Aug. 23.
Bitcoin rose above $79,000 on Aug. 21, its highest level since May. Kendrick said the token could test $126,000, nearly 60% above that level, if spot ETF inflows and short liquidations reinforce each other.
US spot Bitcoin ETFs have recorded net inflows for five straight trading sessions.
Across the crypto futures market, about $1.44 billion of short positions was liquidated over the roughly three-day period from Aug. 19 to Aug. 21, when Bitcoin surged.
