Standard Chartered Bank: BTC may hit $126,000 by the end of the year, as the previous target of $100,000 was too conservative

According to Cointelegraph, Geoff Kendrick, the Global Head of Digital Assets Research at Standard Chartered Bank, stated that the prediction of Bitcoin reaching $100,000 by the end of the year may be too conservative, and there is a possibility of the market challenging the historical high of $126,000 again before the year ends.

Geoff Kendrick mentioned on Friday that the recent rise in Bitcoin was primarily driven by short liquidations, while the inflow of funds into spot Bitcoin ETFs has also started to recover. Given the current low level of open contracts in the market, as prices rise, more investors may re-enter, providing further momentum for the market.

"There is a risk that my prediction of $100,000 by the end of the year may be too low for the first time this year," Kendrick stated.

Geoff Kendrick believes that the momentum of Bitcoin's rebound may accelerate further after October 6. Meanwhile, several market participants also believe that the bear market may be nearing its end. Swan Bitcoin CEO Cory Klippsten previously stated that Bitcoin could bottom out in October; 10x Research founder Markus Thielen believes that if the closing price in August stands above $63,000, it may confirm the formation of the bear market bottom.