Amid Bitcoin's recent strong recovery, forecasts that its value could exceed $100,000 by year-end have also begun to rise.
At this stage, Standard Chartered has concluded that its previously announced $100,000 year-end target for Bitcoin in 2026 might be too conservative.
Geoff Kendrick, head of digital assets research at the bank, stated that a more optimistic picture has emerged for Bitcoin following its recent surge.
In his latest note to clients, Kendrick said, "For the first time this year, there is a risk that my year-end forecast of $100,000 will be significantly too low."
The analyst also predicted that Bitcoin's rise could gain further momentum after October 6th, potentially nearing its previous all-time high of $126,000 by year-end.
Kendrick also assessed that Bitcoin's recent rally was primarily driven by short position liquidations. He added that the recovery in capital inflows into spot Bitcoin ETFs also had a significant impact.
According to Kendrick, the price increase so far has been mainly driven by short liquidations. However, the resurgence of inflows into spot Bitcoin ETFs suggests the price rise could broaden to a wider investor base.
Earlier, Kendrick had lowered his year-end Bitcoin price target from $150,000 to $100,000. He also predicted that BTC would drop to $50,000 before rising to $100,000 by year-end. However, the bank's latest assessment points to renewed optimism regarding the target price following Bitcoin's recent strong performance.
*This is not investment advice.
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