Standard Chartered Says $100,000 Bitcoin Target May Be Too Low, Sees Potential Record High

Bitcoin’s sharp rebound has prompted a new call that the cryptocurrency could top $100,000 by year-end and approach a record high.

Geoff Kendrick, Standard Chartered’s global head of digital assets research, wrote in a report that this is the first time this year the bank’s $100,000 year-end target for Bitcoin may be too low, Cointelegraph reported on Aug. 21.

Kendrick said the recent rise in Bitcoin was driven mainly by short liquidations. He added that inflows into US spot Bitcoin exchange-traded funds are also recovering.

He also pointed to low open interest in the futures market as a factor supporting further gains. That suggests there is still room for new investors to enter the market even if prices continue to rise.

Kendrick said Bitcoin’s rally could strengthen further after Oct. 6 and potentially move toward its previous record high of $126,000 by the end of the year.

In February, Kendrick cut his year-end Bitcoin target to $100,000 from $150,000. At the time, he expected Bitcoin to recover to $100,000 by year-end after falling to around $50,000, but the market’s recent rapid rebound has opened the door to a higher price than his earlier forecast.

As of 9 p.m., Bitcoin was trading at $76,712, up 6.99% from a day earlier.