Standard Chartered Reconsiders $100K Bitcoin Target Amid Signs of Recovery

Geoff Kendrick, global head of digital asset research at Standard Chartered, has expressed uncertainty about his previous prediction that Bitcoin would end the year at $100,000.

In a note shared with Cointelegraph on Friday, Kendrick hinted that this target may be too low. He pointed to a recovery in inflows into spot Bitcoin exchange-traded funds and low open interest as reasons why prices could rise further.

Kendrick initially cut Standard Chartered's year-end Bitcoin target to $100,000 from $150,000 in a February report. At the time, he expected Bitcoin to fall to around $50,000 before recovering during the rest of the year.

Other industry watchers have also suggested that the bear market may be nearing its end. Swan Bitcoin CEO Cory Klippsten said Bitcoin could bottom out in October, while 10x Research founder Markus Thielen pointed to an August close above $63,000 as a potential sign of a bear-market bottom.