Standard Chartered Bank expert Geoff Kendrick believes that bitcoin (BTC) will rise following the sell-off due to the lower leverage position in the market.

In an interview with BNN Bloomberg, Kendrick said that the current market environment, with lower leverage, could push BTC's value to Standard Chartered's year-end price target of $150,000.

Lower Leverage Market

Last week's Bitcoin sell-off weekend ended with the cryptocurrency market seeing millions of short and long position liquidations as tensions escalated in the Middle East.

BTC dropped from $71,000 to $65,000 and then to $61,000 in one day. More than 300,000 traders went bankrupt, with liquidations amounting to $1.8 billion.

Kendrick said the leveraged position liquidation has opened the way for the cryptocurrency market to rise and it is poised to rise from its current position.

ETF Flow Pushes BTC Up

In addition to a lower leveraged position in the market, Kendrick also mentioned inflows into Bitcoin exchange-traded funds (ETFs) and expected positive news from the situation between Iran and Israel as driving factors for the trend. BTC direction higher.

Although Bitcoin ETF flows have stopped for now, Standard Chartered experts predict capital inflows of $50-100 billion over the next 18 to 24 months as the market matures.

Meanwhile, Standard Chartered predicts that BTC could reach $250,000 by 2025 if inflows into Bitcoin ETFs reach the average estimate of $75 billion.