Standard Chartered global head of digital asset research, Geoff Kendrick, stated that the bank's year-end Bitcoin forecast of $100,000 may be "too low," noting that the asset could move toward its all-time high of $126,000 before the end of the year.
In a Friday note shared with Cointelegraph, Kendrick indicated that the recent market recovery could potentially accelerate after Oct. 6. He explained that the latest rally was largely driven by short liquidations alongside a recovery in inflows into spot Bitcoin exchange-traded funds. Additionally, he noted that low open interest could provide room for more investors to return as prices increase.
Previously, in a Feb. 12 report, Kendrick had adjusted Standard Chartered's year-end Bitcoin target down to $100,000 from $150,000, while lowering its Ether target to $4,000 from $7,500. At that time, his projections anticipated temporary dips before a subsequent recovery.
Other industry figures have also highlighted indicators suggesting a potential shift in market cycles. Swan Bitcoin CEO Cory Klippsten suggested that Bitcoin might bottom in October, while 10x Research founder Markus Thielen indicated that an August close above $63,000 could signal a bear-market bottom.
At the time of writing, Bitcoin was trading at $76,844, marking a 24% increase over the preceding week according to CoinGecko data.
