Bitcoin could climb to $126,000 if sustained inflows into U.S. spot Bitcoin ETFs coincide with large-scale short liquidations, Standard Chartered’s global head of digital assets research Geoffrey Kendrick said. The bank’s existing year-end Bitcoin target of $100,000 may therefore be too low. Bitcoin rose above $79,000 on Aug. 21, its highest level since May, while U.S. spot Bitcoin ETFs recorded net inflows for five straight trading sessions. About $1.44 billion in short positions were liquidated in the crypto futures market from Aug. 19 to Aug. 21 as Bitcoin surged. Kendrick said the cryptocurrency could test $126,000—nearly 60% above the Aug. 21 level—if ETF inflows and short liquidations reinforce each other.