Standard Chartered Upgrades Bitcoin Forecast to $126,000 All-Time High Retest

Standard Chartered has raised its Bitcoin price target, with analyst Geoff Kendrick now signaling that the cryptocurrency could retest its all-time high of $126,000 by year's end. The bullish revision comes as Bitcoin surged 23% over the past week to trade around $77,300 on Aug. 21, a rapid recovery that analysts attribute to forced buying from short sellers and renewed interest in U.S. spot Bitcoin exchange-traded funds.

Market Context

Bitcoin has staged a dramatic turnaround after languishing in the $60,000-to-$65,000 range for several months following its November peak. The cryptocurrency hit a low of $58,000 at the end of June, representing a 54% decline from its record level. The latest rally marks the first sustained move above that stubborn resistance zone this year.

Analysis

Kendrick attributed the recent surge primarily to short liquidations, where leveraged bets against Bitcoin were forcibly closed, triggering buying pressure. He noted that U.S. spot Bitcoin ETF inflows could provide additional tailwinds as institutional demand returns. "For the first time this year there is now a risk my end year forecast (of USD100k) is too low," Kendrick wrote in his note to clients. The analyst stopped short of formally replacing Standard Chartered's official $100,000 year-end target with the $126,000 figure, instead describing that level as achievable if current momentum persists. October 6 looms as a potential catalyst date—the anniversary of when Bitcoin last hit its record high.

Key Numbers

- All-time high: $126,000 (target retest)

- Current price: ~$77,300 (23% weekly gain)

- Previous year-end forecast: $100,000

- June low: $58,000 (54% peak-to-trough decline)

- Resistance range cleared: $60,000-$65,000

What to Watch

Traders should monitor ETF inflow data and whether Bitcoin can sustain its position above the recently cleared $65,000 resistance level. The Oct. 6 anniversary could serve as a psychological benchmark for momentum acceleration. Any reversal below $70,000 would signal weakening conviction in the recovery trade.