Standard Chartered revisits Bitcoin price target amid 20% rally

After the U.S. Treasury announced its decision to at least double the amount of longer-dated government bond buybacks on Aug. 19, Standard Chartered analyst Geoff Kendrick predicted a Bitcoin (BTC) price target of $100,000 by the end of 2026.

The Treasury's announcement is "exactly the type of thing Bitcoin loves," the analyst remarked and added that the cryptocurrency has a historical tendency to benefit from government liquidity interventions and its fixed supply, making it resistant to monetary debasement.

Bitcoin was trading around $64,000–$65,000 on Aug. 19 before rallying after the U.S. Treasury announcement. It subsequently climbed above $79,000 on Aug. 21, representing a gain of more than 20% from its Aug. 19 levels.

Related: Coinbase CEO predicts 450% upside for Bitcoin

Kendrick says $100,000 price target may be 'too low'

Following these developments, Kendrick revisited his Bitcoin price target for 2026. In a note shared with Cointelegraph on Aug. 21, he said there is a risk that his year-end target of $100,000 is "too low."

The latest Bitcoin rally is primarily driven by the short squeeze, with help from inflows in spot ETFs, he argued.

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The analyst expects low open interest to lure more investors as price rises. He went on to say that Bitcoin may retest its all-time high (ATH) of $126,000 before the end of the year, with the rebound potentially hastening after Oct. 6.