Standard Chartered: Bitcoin may hit $12.6 million by the end of the year, and the previous target of $10 million was too conservative

Comparing news, Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, said that the forecast for Bitcoin to reach $100,000 by the end of the year may be too conservative, and the market is likely to challenge the historic high of $126,000 again before the end of the year.

Geoff Kendrick said on Friday that the recent rise in Bitcoin was mainly driven by short liquidations, while cash inflows into spot Bitcoin ETFs have also begun to recover. Due to the low size of open positions in the current market, more investors may re-enter the market as prices rise, providing further impetus to the market.

“For the first time this year, there was a risk that my year-end $100,000 forecast might be underestimated.” Kendrick said.

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

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