Standard Chartered Backs Off $100K Bitcoin Price Call, Says It May Be 'Too Low'
Standard Chartered's head of digital asset research, Geoff Kendrick, has for the first time admitted his year-end Bitcoin price forecast of $100,000 may be 'too low,' suggesting the cryptocurrency could approach its all-time high of $126,000 before the end of 2023. The recent Bitcoin rally, driven by short liquidations and recovering ETF inflows, is creating an optimistic scenario for cryptocurrency investors as institutional confidence continues to grow.
Kendrick noted that low open interest in the Bitcoin market leaves room for more investors to return as prices rise, with the recovery potentially accelerating after October 6. This new perspective of a higher price target for Bitcoin reflects increasing institutional confidence in the cryptocurrency market and could spark a wave of optimism among traders and investors as the market prepares for what could be a historic year-end for the leading digital asset.
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