Standard Chartered Sees Bitcoin Price Target as 'Too Low'

Standard Chartered has tempered its optimism on Bitcoin's price performance, suggesting that its previous year-end target of $100,000 may be too conservative.

In a recent note, Geoff Kendrick, global head of digital asset research at Standard Chartered, stated that the current rally could accelerate after October 6. He attributed the latest surge to short liquidations and recovering inflows into spot Bitcoin exchange-traded funds (ETFs).

Kendrick's comments come as other industry experts have also pointed to signs of a potential market bottom. Swan Bitcoin CEO Cory Klippsten has predicted that Bitcoin may hit its lowest point in October, while 10x Research founder Markus Thielen believes an August close above $63,000 could confirm the bear-market low.

At the time of writing, Bitcoin traded at $76,844, up 24% over the past week according to CoinGecko data. Standard Chartered initially cut its year-end target for Bitcoin from $150,000 to $100,000 in a February report, while also reducing its Ether target from $7,500 to $4,000.