Bitcoin’s recent momentum is turning heads, and major financial institutions are starting to question their own conservative estimates. Geoff Kendrick, the global head of digital asset research at Standard Chartered, recently revealed that Bitcoin could be on a fast track toward its $126,000 all-time high before the end of the year. In a surprising pivot, Kendrick noted that for the first time this year, his previous year-end target of $100,000 might actually be too low.
What is Driving the New Bitcoin Rally?
According to a recent note shared by Kendrick, the latest price surge is built on a foundation of shifting market mechanics. The current rally has been heavily fueled by short liquidations, pushing prices rapidly upward as bearish traders are forced to cover their positions. Alongside this trading activity, inflows for spot Bitcoin exchange-traded funds (ETFs) have begun to show a healthy recovery, signaling a renewed wave of institutional confidence in the digital asset.
Kendrick also pointed out that current open interest in the market remains relatively low. This creates a prime environment for sidelined investors to jump back into the action as momentum builds, with the recovery potentially accelerating after October 6. This optimistic outlook is a stark contrast to his earlier February report, where he cautiously lowered the bank’s year-end Bitcoin target from $150,000 to $100,000 and predicted the asset would dip to $50,000 before finding its footing.
Analysts Agree: The Bear Market Could Be Over
Standard Chartered isn’t the only voice in the room suggesting a major shift in market dynamics. Several key industry watchers are spotting strong signs that the grueling bear market may finally be in our rearview mirror. Cory Klippsten, CEO of Swan Bitcoin, has previously noted that Bitcoin could see its final bottoming out in October. Meanwhile, Markus Thielen, founder of 10x Research, emphasized that closing August above the critical $63,000 level would serve as a strong confirmation of a bear-market bottom.
The asset’s recent performance seems to strongly support this growing institutional optimism. Reflecting this bullish sentiment, Bitcoin was recently trading robustly at $76,844, marking a massive 24% gain over just a single week. If these technical factors and ETF inflows continue to align, the broader cryptocurrency market may be setting the stage for a historic end-of-year run.
