Standard Chartered Holds $100K Bitcoin Target Despite $635 Billion Liquidations
STRC•Bitcoin dipped below $61,500, triggering over $635 billion in liquidations and pushing open interest down 25% to $23.2 billion. Standard Chartered’s head of digital assets maintains a $100,000 year-end Bitcoin target, arguing key selling pressure has been unwound.
1. Bitcoin Price Slide and Liquidations
Bitcoin briefly fell below $61,500, extending a selloff that forced over $635 billion in liquidations. Open interest dropped 25% over four days to $23.2 billion, the lowest since early April, and more than half of coins in circulation now sit at an unrealized loss.
2. Standard Chartered’s Bullish Outlook
Geoffrey Kendrick, head of digital assets research at Standard Chartered, reiterated a $100,000 year-end Bitcoin price target despite the downturn. He noted that much of the leveraged selling has been unwound and identified current levels as a strategic buying zone for investors.
3. Market Implications and Support Levels
The recent decline tested Bitcoin’s 200-week moving average, a support last broken during the 2022 contagion events. Analysts remain split on whether this level will hold as a floor or if further downside pressure could emerge if macro conditions weaken.
