Jeff Kendrick: BTC will rise to $ 150,000

Standard Chartered Bank analyst and head of digital asset research Jeff Kendrick believes that bitcoin BTC $62,283.94 Bitcoin -1.92% Market capitalization $1.23 trillion VOL. 24 hours $1.25 billion is likely to rise after halving due to a decrease in leveraged positions in the market.

In an interview with Bloomberg, Kendrick said that the current market situation, characterized by less leverage, could help BTC’s value rise to Standard Chartered’s year-end target of $ 150,000.

The week before the halving ended with the crypto market witnessing millions of liquidations of short and long positions amid escalating tensions in the Middle East. BTC dropped by almost $ 10,000 at the time. More than 300,000 traders were ruined, and liquidation losses amounted to $ 1.8 billion.

Kendrick noted that the liquidation of leveraged positions «cleared the way for the crypto market to grow» and that he is ready to move up from his current position. Since the market has halved in terms of leverage, it could rebound and rise to new levels.