The bank upgrades its BTC target after a 23% weekly rally, citing short liquidations and ETF inflows as key drivers.
Standard Chartered raised its Bitcoin year-end forecast to $126,000, up from $100,000, after BTC surged 23% in a week to $77,300. Analysts cited short liquidations and renewed demand from U.S. spot Bitcoin ETFs as catalysts for the rally.
Bitcoin had traded between $60,000 and $65,000 for months before breaking out, now nearing $80,000. The bank noted the recovery could accelerate post-October, aligning with last year’s record high timing.
BTC fell 54% from its peak last year, hitting a low of $58,000 in June. The latest rally suggests a potential retest of all-time highs before year-end, according to the bank’s analysis.