Overview
- Bitcoin jumped about 23–24% over the week to roughly $77,000, a sharp move that prompted Standard Chartered’s Geoff Kendrick to say on Friday that his $100,000 year-end forecast might now be conservative.
- Kendrick attributes the surge mainly to forced buying from short sellers and recovering inflows into U.S. spot Bitcoin exchange-traded funds, with ETF flows offering a steadier source of demand than one-off liquidations.
- Standard Chartered has not formally replaced its published $100,000 target; Kendrick framed the $126,000 all-time high as a plausible re-test if the current buying pressure continues.
- The analyst noted low open interest across markets, which reduces the risk of immediate leverage-driven collapses and leaves room for investors to rebuild positions as prices rise.
- Kendrick flagged Oct. 6 as a potential timing catalyst tied to last year’s peak, and his revised tone follows the bank’s February cut of its prior, more bullish targets—an important reminder that forecasts may shift with flows and positioning.