Bitcoin’s $100K Forecast May Be Too Low After Record Short Squeeze

Standard Chartered’s Geoffrey Kendrick says record bitcoin short liquidations and renewed ETF demand have increased the market’s upside risk. He now sees a possible year-end run from $79,500 toward bitcoin’s $126,000 record, a 58% climb.

Bitcoin’s sharp recovery has raised the possibility that Geoffrey Kendrick’s $100,000 year-end forecast may prove too conservative, the Standard Chartered analyst wrote in research provided directly on Aug. 21. Kendrick is global head of digital assets research at Standard Chartered Bank. He said rising prices had forced traders to close bearish positions while encouraging renewed demand from longer-term investors.

The Standard Chartered head of digital assets research connected the record short liquidations with growing upside risk for his year-end target, stating:

“For the first time this year there is now a risk my end year forecast (of USD100k) is too low.”

The Standard Chartered analyst described bitcoin as a “Giffen good” for long-term investors, explaining that “people want to buy more when prices go up.” He linked that pattern to renewed ETF inflows and expects rising prices to draw more attention and capital to the asset.

Bitcoin set its record high on Oct. 6, 2025, and has not returned to that level since. Kendrick’s analysis concluded:

“Once investors remember how quickly prices can accelerate to the topside, and we get passed the 6 October date (12 months after the all-time high) an overshoot towards the all-time high (USD126k) before year-end may be possible.”

Beyond the potential price overshoot, Kendrick also pointed to comparatively low futures open interest, which measures outstanding derivatives contracts. Crypto markets lagged the artificial intelligence investment theme earlier in the year, leaving room for renewed participation as prices rise, he said. Higher open interest would indicate greater derivatives activity but would not establish a price direction.