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a Standard Charter Predicted analyst Bitcoin Hitting $120,000 by the second quarter, he says his price call is “too low.”
“I apologize for the possibility that my USD120K Q2’s target may be too low,” Geoffrey Kendrick, Digital Asset Manager at Standard Chartered, said in a tongue comment she shared with her client via email on Thursday.
Last month, Kendrick wrote a note that he expected Bitcoin to reach its all-time highs behind the “relocation of strategic assets away from US assets” and “accumulation by “whales” (major holders”) in the second quarter of 2025.
“We expect these supportive factors to push BTC to a fresh high of around USD 120,000 in the second quarter,” Kendrick said at the time. “They continue to acquire them until summer, and they are aiming for BTC-USD to their year-end forecast of 200,000.”
On Thursday, Kendrick said his $120,000 Bitcoin price call “seems very achievable,” and that this might be too low target.
“The dominant story of Bitcoin has changed again,” said a standard chartered analyst. “It was a correlation with risk assets… it became a way to position it for the reallocation of strategic assets from US assets.”
“It’s about flow now, and the flow comes in many ways,” he added.
His comments come as Bitcoin is once again approaching the $100,000 level. Cryptocurrency prices last increased by more than 3% to $99,293.54, according to Coin Metrics. Previously, it amounted to $99,897.00.
In recent years, analysts have taken up patterns of Bitcoin trading in a similar way to risky assets such as US technology stocks. The rationale is that increasing the inflow of more institutional capital to Bitcoin is likely to result in the same market risks that the stock market faces.
Kendrick has long been bullish in cryptocurrency, but has seen US spot Bitcoin exchange trade funds have seen $5.3 billion inflows over the past three weeks, suggesting more institutional funds are loaded.
He pointed out several examples of large investors who allocate part of their portfolio to Bitcoin, including software companies. MicroStrategy Swiss National Bank, which increases Bitcoin purchases, holds BlackRock IBIT Bitcoin ETF, and buys shares in the Micro Strategy.
MicroStrategy is widely considered a Bitcoin proxy.
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