The Standard Chartered strategist reverses the BTC call of USD 120K and admits that the goal could be “too low”

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Standard Chartered Strategist Walks Back $ 120k Bitcoin Call

  • Geoffrey Kendrick pointed out several factors that drive the bullish impulse.
  • On Thursday, Bitcoin quoted just below the $ 100,000 brand.
  • The Microstrategy software company has increased its Bitcoin purchases.
  • Bitcoin’s relentless rebound is taking some analysts to review their boldest predictions.

    Geoffrey Kendrick, from Standard Chartered, a well -known bitcoin bullish, now admitted that its previous USD 120,000 forecast for the world’s largest cryptocurrency could be too conservative.

    In an email shared with customers on Thursday, Kendrick said: “I apologize because my target of USD120K for the second quarter can be too low,” recognizing the accelerated impulse in the price of Bitcoin.

    On Thursday, Bitcoin traded just below the USD 100,000 brand, rising more than 3% to USD 99,293, after briefly touching the USD 99,897.

    Kendrick, who directs the investigation of digital assets at Standard Chartered, originally predicted last month that Bitcoin would achieve a historical maximum of USD 120,000 in the second quarter of 2025.

    His thesis was based on two main trends: a strategic change of capital away from US assets and a growing accumulation of Bitcoin by institutional “whales”, the main holders with great purchasing power.

    Now, he believes that these estimates can underestimate Bitcoin’s real potential.

    “Bitcoin’s dominant story has changed again,” Kendrick said. “Now everything is a matter of flows. And the flows are coming in many ways.”

    Kendrick pointed out several factors that drive the bullish impulse, including the increase in institutional investment through Bitcoin ETFs to the US cash.

    Only in the last three weeks, the Bitcoin ETFs have seen tickets of USD 5.3 billion, according to their analysis.

    This suggests that the main financial actors are constantly increasing their exposure to digital assets.

    He also highlighted the great movements of institutional investors.

    The Microstrategy software company has increased its Bitcoin purchases, acting effectively as a proxy action of Bitcoin exposure.

    Meanwhile, Abu Dhabi’s sovereign background has taken a position in Bitcoin Ibit’s ETF in Blackrock, and even the Swiss National Bank has invested in Microstrategy actions.

    With Bitcoin’s pricing predictions now reviewed up and institutional capital, flowing to record levels, Kendrick’s new perspective indicates a potentially explosive summer for cryptocurrency markets.

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