Bitcoin Surges Past $76K, Standard Chartered Sees Potential for $126K Rally

Standard Chartered is reevaluating its Bitcoin price forecast after the cryptocurrency surged by over 24% in just one week, reaching $76,844. According to Geoff Kendrick, the bank's global head of digital asset research, this new rally has been driven mainly by short liquidations and recovering inflows into U.S. spot Bitcoin exchange-traded funds (ETFs).

Kendrick notes that low open interest across the market leaves room for investors to rebuild positions as Bitcoin rises. He also points out that a combination of forced buying from short sellers and returning ETF demand has helped BTC recover rapidly after spending much of the past two months around the $60,000 to $65,000 range.

In his latest note, Kendrick suggests that there is now a risk that his year-end forecast of $100,000 may be too low. He believes that Bitcoin could move towards its previous record high of $126,000 before the end of the year, with the recovery potentially accelerating after October 6.

This view places particular focus on whether BTC can maintain its recovery once the market moves beyond the anniversary of its 2025 market peak. Standard Chartered has not formally replaced its existing forecast with a new target, but Kendrick describes the $126,000 all-time high as a level that Bitcoin may revisit if the current recovery gathers momentum.