Standard Chartered Sees Bitcoin Price Soaring to $126,000

Standard Chartered's global head of digital assets research, Geoffrey Kendrick, thinks his bank's year-end Bitcoin target of $100,000 might be too low.

Kendrick believes that if spot exchange-traded funds (ETFs) continue to attract net inflows and short positions are liquidated on a large scale, the price of Bitcoin could reach as high as $126,000.

This prediction is based on recent market trends: US spot Bitcoin ETFs have recorded net inflows for five consecutive trading sessions.

Moreover, from August 19 to August 21, approximately $1.44 billion in short positions were liquidated in the crypto futures market as Bitcoin surged past its highest level since May, reaching above $79,000 on August 21.