Standard Chartered: Bitcoin's Year-End $100,000 Target Could Be Conservative, Recovery or Acceleration Expected After October 6

BlockBeats News, August 23rd. Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered Bank, stated that Bitcoin may reach a new all-time high of $126,000 by the end of the year, with a potential acceleration in price after October 6th. He mentioned, "For the first time this year, there is a risk that my $100,000 year-end target may be too conservative."

Kendrick pointed out that the recent price increase was mainly driven by short covering, but inflows into Bitcoin spot ETFs have also started to recover. With current low open interest, there may be room for more investors to re-enter the market as the price rises.

In February this year, Kendrick had lowered Standard Chartered Bank's year-end target for Bitcoin from $150,000 to $100,000 and reduced the Ethereum target from $7,500 to $4,000. At that time, he anticipated Bitcoin to drop to around $50,000 and Ethereum to around $1,400 before recovering later in the remaining year.