Record bitcoin short liquidations and renewed demand for bitcoin exchange-traded funds (ETFs) have increased the market’s upside risk, according to Standard Chartered analyst Geoffrey Kendrick. He now sees a possible year-end move from about $79,500 toward bitcoin’s $126,000 record, implying a gain of roughly 58%.
Record Short Liquidations Reshape Bitcoin Outlook
Bitcoin’s sharp recovery triggered record liquidations of bearish futures positions, Kendrick noted. Short liquidations occur when rising prices force traders who bet against the asset to close positions, often accelerating upward momentum. The removal of this leveraged selling pressure has improved the near-term market structure and contributed to the rebound.
ETF Demand Adds Support
Alongside derivatives positioning, Kendrick cited renewed demand for bitcoin ETFs as a key driver. Inflows into spot bitcoin products can translate into direct purchases of BTC, providing incremental support for price. The combination of reduced short interest and ETF demand has, in his view, raised the probability of further gains into year-end.
Year-End Targets and Context
Kendrick previously projected bitcoin could reach $100,000 by year-end. The latest rebound, he said, keeps that target in play and opens the door to a potential run toward the prior record near $126,000. He stressed that the outlook hinges on continued spot demand and stable market conditions following the short squeeze.