Standard Chartered’s year-end targets for Bitcoin and Ethereum, set at $150,000 and $8,000 respectively, remain unchanged. This is according to a new report by the bank’s analysts, as reported by The Block.
The experts identified the unwinding of market long positions following recent halving-related liquidations as a growth driver. They noted that on April 19, the price of the leading cryptocurrency briefly fell below $60,000.
“We believe the worst is over. A market for digital assets, burdened with less leverage, can resume growth,” the document states.
The experts also highlighted that on April 13, long positions in Bitcoin derivatives worth $261 million were forcibly closed.
“April 13 saw the largest daily liquidation since October 2023. This clears the way for upward movement, especially since bad news is already priced in,” they added.
Earlier, Standard Chartered expressed doubts about the approval of spot ETH-ETFs in May.