Standard Chartered Revisits Bitcoin Price Prediction of $100,000

Standard Chartered has determined that Bitcoin (BTC) could exceed $100,000 by the end of the year. The recovery of inflows into spot Bitcoin ETFs and low open interest were cited as supporting factors. Geoff Kendrick, the global head of digital asset research at Standard Chartered, projected that Bitcoin could rise to its all-time high of $126,000 before the year ends. He explained that the recent rebound was primarily driven by short position liquidations and that inflows into U.S. spot Bitcoin ETFs are also recovering. The low level of open interest suggests that leveraged positions have not built up excessively. Kendrick believes there is a possibility for investor inflows to resume during a price increase phase. According to CoinGecko data, at the time of reporting, BTC was trading at $76,844, with a recent weekly increase of 24%. Kendrick had previously lowered the Bitcoin target from $150,000 to $100,000 in February. This outlook may change depending on ETF fund flows and derivatives position shifts.

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