Standard Chartered Raises Optimistic Outlook for Bitcoin

Standard Chartered has raised its outlook for Bitcoin (BTC), targeting a price of $135,000 in Q3. This aligns with a previous forecast from Bernstein Research.

Bitcoin Futures Funding Rates Turn Negative

• Bitcoin futures funding rates flipped negative, suggesting a potential price rebound ahead.
• Momentum for Bitcoin is improving with BTC eyeing the all-time high (ATH).

The Bitcoin (BTC) futures funding rates have fed optimism among bulls, as they flipped negative in late June. During this time, the BTC spot price rose from below $100,000 to $108,000. Historically, such divergences have often signaled major price booms for Bitcoin, with one cycle seeing BTC surge by 80%.

Will Bitcoin Price Follow Historical Trends?

Onchain data from CryptoQuant indicates that Bitcoin’s futures perpetual funding rates are now negative, which typically suggests bearish sentiment as short-position holders pay long traders to maintain contracts. However, overly bearish sentiment can lead to price rebounds if shorts are forced to purchase back their positions.

For instance, when funding rates turned negative in September 2024 and July 2023, BTC saw gains of 80% and 150%, respectively. Thus, Bitcoin may be poised for a fresh rally, as some analysts believe that a bearish reset has already occurred.

Impact of Liquidations

According to CoinGlass, the BTC/USDT pair indicates that $111,320 has the highest concentration of predicted liquidations in recent months, with around $520.31 million in leveraged positions at risk. If this liquidity is triggered, it could initiate a short squeeze, driving prices higher.

Factors Influencing the BTC Rally

Two essential factors are driving the recent BTC rally:
1. ETF inflows
2. Declining confidence in fiat currency strength

The US dollar fell nearly 11% in 2025, reaching lows not seen in decades. Amidst this, US spot Bitcoin ETFs experienced over $4.63 billion in net inflows over three weeks, while long-term holders continued to accumulate BTC. In the first half of 2025, Bitcoin created more than 26,000 millionaires, indicating its increasing adoption.

BTC Moves Closer to ATH

Currently, Bitcoin, the leading cryptocurrency, is trading at $110,306, up 2.3% in the last 24 hours, with trading volume surging over 24% to $58.4 billion. This momentum indicates renewed interest in Bitcoin, pushing it closer to its ATH of $111,924.

Technical analysis shows a breakout above the upper trendline of a bull flag pattern, suggesting a potential target around $117,500, aligning closely with $116,000, the end-of-July forecast by 10x Research’s Markus Thielen.