Home›Crypto›Market Structure›Standard Chartered flags $100K Bitcoin call as possibl…

Standard Chartered flags $100K Bitcoin call as possibly too low

The bank points to improving spot Bitcoin ETF inflows after Oct. 6 and says low open interest could allow further upside.

Reported · Written up by our desk · Market Structure

Standard Chartered is reconsidering its widely cited Bitcoin year-end forecast, with Geoff Kendrick saying the bank’s earlier $100,000 target may now be too low as BTC moves higher.

In a note shared with Cointelegraph, Kendrick said the current rally has been driven largely by short liquidations, while inflows into spot Bitcoin exchange-traded funds have started to recover. He also argued that low open interest could leave room for more investors to re-enter as prices rise.

Kendrick added that, for the first time this year, there is a risk the end-of-year forecast could be insufficient, given the momentum. He previously reduced Standard Chartered’s year-end Bitcoin target to $100,000 from $150,000 in a Feb. 12 report.

The article also cites other market views that suggest a potential bottom in October, including commentary from Swan Bitcoin CEO Cory Klippsten and 10x Research founder Markus Thielen. At the time of writing, Bitcoin was trading around $76,844, up 24% over the prior week, according to CoinGecko data.

Latest closeBitcoin $77,298.59 ▲5.8%

More like this

Sources