Standard Chartered Raises Year-End Bitcoin Target Amidst Rally

Standard Chartered's global head of digital asset research, Geoff Kendrick, has revised his year-end prediction for Bitcoin. In a recent note to clients, Kendrick said that Bitcoin may reach its all-time high of $126,000 before the end of the year.

This is an increase from his previous forecast of $100,000, which he made in February when he cut Standard Chartered's year-end target for Bitcoin and Ether. At the time, Kendrick expected Bitcoin to fall to around $50,000 before recovering during the rest of the year.

Kendrick believes that the latest rally has been driven by short liquidations, while inflows into spot Bitcoin exchange-traded funds have started to recover. He also notes that low open interest could leave room for more investors to return as prices rise.