Bitcoin has risen by about 24 per cent in the last week to around $768 million. As the rebound continued, SLBC believed that the previous year-end projection of $100,000 might be conservative and that there was a possibility of re-examining the historical high of $126,000 during the market year.

ETF funding flow began to recover

Geoff Kendrick, Director of Digital Assets Research at the bank, stated that he had not formally increased the year-end target to $126,000, but that Bitcoin would have the opportunity to return to that high point before the end of the year if the current restoration scenario continued. According to him, the movement after 6 October is of particular concern, as this point of time is close to the anniversary of the last high-point formation.

Kendrick believes that this round is more than just a back-to-back drive, as is the real bitcoin ETF. If institutional funds are re-inflowed, market buyout sources will no longer rely solely on leverage for passive silos and a more stable rebound base.

In July, the money flow went right.

Previously, United States-listed spot bitcoin ETF had ended 10 consecutive trading days in early July. According to SoSoValue data quoted in the text, the net inflow on 2 July was $221.7 million. By late July, the flow of funds had been maintained in net inflows on a number of consecutive trading days, at a time when Bitcoin was back on its feet at $65,000.

In addition to ETF funds, Kendrick is concerned about derivative holding. The judgement is that the current level of unsettled contracts is still relatively low, suggesting that the market leverage has not re-heated to overheating. If prices continue to improve, there is still room for investors to re-establish their positions.

The year-end goal was revised downwards in February.

In February of this year, the scum dropped Bitcoin's end-of-year target from $150,000 to $100,000, and it was revised downwards to be predicted by the Taifeng. The reasons mentioned by the Bank at that time included the outflow of ETF funds, the weakening of the macro environment, the expected decline in the Federal Reserve interest rate and changes in investor position.

Since then, bitcoin has fallen to a range of $59,000 to $61,000, but the slag has not been further downgraded in a number of fluctuations in June and July. Now, as prices have again broken over $700,000, the bank has turned to a more positive position, suggesting that the original forecast may have underestimated the rebound.