Bitcoin Soars to $76,845, Standard Chartered Sees Potential for Further Gains
Bitcoin has seen significant gains in recent weeks, surging by around 24% to reach $76,845. This rise is prompting questions about the validity of Standard Chartered's forecast that Bitcoin will hit $100,000 by year-end.
Geoffrey Kendrick, who leads digital asset research at Standard Chartered Bank, suggests that the rally may be driven by forced buying due to liquidations and a decrease in market open interest. Kendrick also notes that recovering inflows into US spot Bitcoin ETFs could provide another source of demand.
Despite this optimism, the bank has not officially changed its $100,000 year-end forecast for Bitcoin. However, Kendrick suggests that if the current rally gains stronger momentum, it's possible that Bitcoin may revisit its record high of $126,000.