Standard Chartered’s global head of digital assets research said the bank’s year-end Bitcoin target of $100,000 may be too low.
He said Bitcoin could test $126,000 if spot ETF inflows coincide with large-scale short liquidations.
US spot Bitcoin ETFs recorded net inflows for five straight trading sessions, while $1.44 billion in short liquidations occurred from Aug. 19 to Aug. 21.
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Bitcoin could climb to as high as $126,000 as inflows into spot exchange-traded funds and the liquidation of large short positions fuel the rally.
Odaily reported on Aug. 23 that Geoffrey Kendrick, Standard Chartered’s global head of digital assets research, said the bank’s existing year-end Bitcoin target of $100,000 may be too low.
Bitcoin rose above $79,000 on Aug. 21, its highest level since May. Kendrick said that if spot ETF inflows and short liquidations reinforce each other, the cryptocurrency could test $126,000, nearly 60% above that level.
US spot Bitcoin ETFs have recorded net inflows for five straight trading sessions.
In the roughly three-day period from Aug. 19 to Aug. 21, about $1.44 billion of short positions were liquidated in the crypto futures market as Bitcoin surged.