Bitcoin Soars Past $78K, Record Short Liquidations Fuel Rally

Bitcoin's price surged past $78,000 on Friday morning, marking its strongest weekly performance in over three years. According to Standard Chartered analyst Geoffrey Kendrick, this rally could be a sign that Bitcoin's year-end forecast of $100,000 may be too low.

Kendrick pointed out that the market has seen record short liquidations, with most of this week's move driven by bearish positions being closed. This has added further momentum to the price increase.

As a result, Kendrick suggests that Bitcoin could draw in fresh capital rather than relying solely on short covering. He also noted that low open interest across crypto markets could leave room for more traders and investors to enter if Bitcoin's rally continues.