Bitcoin's Price Surge Raises Risk of Higher Target Than $100,000

Bitcoin's recent price surge has led Standard Chartered analyst Geoffrey Kendrick to question whether his $100,000 year-end forecast is too low.

In a research note provided on August 21, Kendrick pointed out that the scale of the reversal in prices had forced traders to close bearish positions and encouraged renewed demand from longer-term investors.

The analyst noted that this was the largest short-liquidation event in the available record, with BTC short liquidations approaching $1.44 billion during the August 19-21 rally.

Kendrick connected the record short liquidations with growing upside risk for his year-end target, stating: 'For the first time this year there is now a risk my end year forecast (of USD100k) is too low.'