Standard Chartered says Bitcoin could retest $126K before year-end

Bitcoin has climbed about 24% over the past week to around $76,844, prompting Standard Chartered to say its $100,000 year-end forecast may now be too low as the cryptocurrency moves closer to its $126,000 all-time high. Summary Bitcoin has risen about 24% over the past week to around $76,844. Standard Chartered says its $100,000 year-end Bitcoin forecast may now be too low. Geoff Kendrick sees a potential move toward the $126,000 record after Oct. 6. Short liquidations and recovering spot Bitcoin ETF inflows have supported the rally. According to Geoff Kendrick, Standard Chartered’s global head of digital asset research, the latest Bitcoin rally has been driven mainly by short liquidations, while recovering inflows into U.S. spot Bitcoin exchange-traded funds could provide another source of demand if the advance continues. Kendrick said in a Friday note shared with crypto media that low open interest across the market also leaves room for investors to rebuild positions as Bitcoin rises. A combination of forced buying from short sellers and returning ETF demand has helped BTC recover rapidly after spending much of the past two months around the $60,000 to $65,000 range. “For the fir...