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Geoff Kendrick thinks Bitcoin can get there. The Standard Chartered global head of digital asset research put out a call suggesting Bitcoin could push toward $126,000 before year-end — basically its all-time high — driven by recovering inflows into spot Bitcoin ETFs and a wave of short liquidations clearing out weak hands.
It’s a bold call, especially from someone who already walked back a bigger number. Earlier in the year, Kendrick cut Standard Chartered’s year-end Bitcoin target from $150,000 down to $100,000. The bank’s reasoning at the time: expect a dip toward $50,000 first, then a recovery. That dip-before-recovery thesis was pretty much the bank’s working model for most of the year. But now Kendrick is flagging $126,000 as a real possibility — not a guarantee, but something worth watching.
Short Liquidations and ETF Inflows Driving the Call
The mechanics behind Kendrick’s thinking aren’t complicated. Short liquidations push prices up fast. When traders who bet against Bitcoin get squeezed out, their forced buying adds fuel to any existing rally. Kendrick sees that dynamic at play right now. And if spot Bitcoin ETFs keep pulling in fresh money — which they seem to be doing after a rough patch — that’s another layer of demand hitting the market simultaneously.
He also flagged low open interest as a factor. That might sound counterintuitive, but low open interest means there’s room for new money to come in and push prices higher without immediately running into a wall of leveraged resistance. Basically, the market has space to run. He specifically pointed to movement after October 6 as a potential trigger window for the acceleration.
Kendrick isn’t walking away from his $100,000 call entirely — he framed current conditions as a risk to that forecast, not a replacement for it. Unclear exactly how he weights $126,000 versus $100,000 as a base case. The source didn’t spell that out cleanly.
Bitcoin at $76,844 — Other Analysts See a Bottom Forming
Bitcoin traded at $76,844 over the past week, up 24% in that stretch. That’s a meaningful move. And it’s not just Standard Chartered noticing.
Cory Klippsten, CEO of Swan Bitcoin, has weighed in on the idea of a bottoming market. So has Markus Thielen of 10x Research. Thielen’s angle is specific: he’s watching August performance as a key signal. Per Thielen, an August close above $63,000 could confirm that the bear market is done. Bitcoin clearing that level would, in his view, put the bottom call on solid ground.
That’s a pretty concrete threshold. Not vague vibes — an actual price point to watch.
The broader picture is that several voices in the industry are now leaning toward a market bottom, though not everyone agrees. Some analysts stay cautious. The market’s been wrong about bottoms before, and the crypto space has a long history of premature recovery calls that didn’t hold.
Standard Chartered’s Shifting Targets Through the Year
Standard Chartered’s forecast history this year is worth laying out clearly, because it’s moved around a lot. The bank started with a $150,000 year-end target for Bitcoin. Then in February, Kendrick revised that down to $100,000, expecting a decline to around $50,000 along the way before any recovery kicked in. That revision also hit Ether — Standard Chartered cut its Ether target from $7,500 to $4,000 at the same time.
Now Kendrick is layering in $126,000 as a possibility on top of the $100,000 base. It’s not a full reversal of the conservative turn, more like an upside scenario he thinks the market could reach if conditions hold.
The Ether target revision didn’t get updated in his latest comments, at least not in what’s available. No details on whether that $4,000 call is still standing.
What’s clear is that Standard Chartered is treating Bitcoin’s current trajectory seriously. The combination of short liquidations, recovering ETF demand, and low open interest is, per Kendrick, a setup that could push Bitcoin to levels not seen before. Whether it gets there probably depends on whether ETF inflows sustain — and whether the short squeeze dynamic keeps feeding on itself rather than exhausting out.
Bitcoin sat at $76,844 as of the most recent data in the source.
Frequently Asked Questions
What is Standard Chartered’s updated Bitcoin price target?
Geoff Kendrick of Standard Chartered said Bitcoin could reach $126,000 before year-end, driven by short liquidations and recovering spot Bitcoin ETF inflows, while the bank’s previous base case target was $100,000.
What price level is Markus Thielen of 10x Research watching for a bear market bottom?
Thielen is watching August performance closely, with an August close above $63,000 seen as a potential confirmation that the bear market has ended.
Why It Matters
The prediction from Standard Chartered highlights the ongoing volatility and speculative nature of the Bitcoin market, particularly in relation to institutional investment vehicles like spot Bitcoin ETFs. As the market digests the potential impacts of renewed inflows and short liquidations, this forecast could influence trader sentiment and market dynamics, emphasizing the critical role that institutional participation plays in shaping price trajectories for cryptocurrencies.
