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Bitcoin could retest $126,000 by year end after 23% weekly rally
Standard Chartered said the rebound is being driven by short liquidations and fresh inflows into U.S. spot Bitcoin ETFs.
Bitcoin is trading around $77,300 after a 23.0% rally over the past week, and Standard Chartered is forecasting the cryptocurrency could retest its all-time high of $126,000 by the end of the year.
According to a client note cited by Yahoo Finance, the bank upgraded its prior year-end target to $100,000, framing the move as being supported by forced buying from short sellers and renewed demand for U.S. spot Bitcoin exchange-traded funds.
Standard Chartered also said the latest bounce helped Bitcoin climb back toward $80,000 within days, after it had spent several months stuck in a $60,000 to $65,000 range.
The bank added that it sees the recovery accelerating after Oct. 6, the date when BTC set its record high last year, and it noted Bitcoin is still down 54.0% from its prior peak after a “crypto winter.”
Latest closeBitcoin $77,319.52 ▲5.9%