Standard Chartered strategist walks back $120K Bitcoin call, admits target might be ‘too low’

• Geoffrey Kendrick pointed to several factors driving the bullish momentum.
• As of Thursday, Bitcoin was trading just shy of the $100,000 mark.
• Software company MicroStrategy has ramped up its Bitcoin purchases.

Bitcoin’s relentless rally is prompting some analysts to revise their boldest predictions.

Standard Chartered’s Geoffrey Kendrick, a well-known Bitcoin bull, has now admitted that his earlier forecast of $120,000 for the world’s largest cryptocurrency might be too conservative.

In an email shared with clients on Thursday, Kendrick said, “I apologise that my USD120k Q2 target may be too low,” acknowledging the accelerating momentum in Bitcoin’s price.

As of Thursday, Bitcoin was trading just shy of the $100,000 mark—up over 3% to $99,293, after briefly touching $99,897.

Kendrick, who heads digital asset research at Standard Chartered, originally predicted last month that Bitcoin would reach a record high of $120,000 in the second quarter of 2025.

His thesis was built on two major trends: a strategic shift of capital away from US assets and increasing accumulation of bitcoin by institutional “whales”—major holders with large buying power.

Now, he believes those estimates may underestimate Bitcoin’s real potential.

“The dominant story for Bitcoin has changed again,” Kendrick noted. “It is now all about flows. And flows are coming in many forms.”

Kendrick pointed to several factors driving the bullish momentum, including surging institutional investment via US spot Bitcoin ETFs.

Over the past three weeks alone, Bitcoin ETFs have seen $5.3 billion in inflows, according to his analysis.

This suggests that mainstream financial players are steadily increasing their exposure to digital assets.

He also highlighted big-ticket moves by institutional investors.

Software company MicroStrategy has ramped up its Bitcoin purchases, effectively acting as a proxy stock for Bitcoin exposure.

Meanwhile, the Abu Dhabi sovereign wealth fund has taken a position in BlackRock’s IBIT bitcoin ETF, and even the Swiss National Bank has reportedly invested in MicroStrategy shares.

With Bitcoin price predictions now being revised upward and institutional capital flowing in at record levels, Kendrick’s new outlook signals a potentially explosive summer for crypto markets.

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