A Standard Chartered analyst who previously set a $120,000 Bitcoin price target for the second quarter of 2025 now says that prediction was too conservative.
Geoffrey Kendrick, head of digital assets at the bank, indicated in a note to clients Thursday that market dynamics suggest the cryptocurrency could exceed that level sooner than anticipated.
"I apologise that my USD120k Q2 target may be too low," Kendrick stated.
Kendrick's prior forecast, made last month, anticipated Bitcoin reaching $120,000 in the second quarter driven by a shift away from US assets and accumulation by large holders.
The analyst noted Thursday that his $120,000 target now "looks very achievable" and could even prove low. This revised outlook follows recent strength in the BTC Price, which has approached $100,000. The cryptocurrency was trading near $100,500 Thursday, according to Coin Metrics data.
Kendrick described a shift in the dominant market narrative for Bitcoin. He said it was once linked to general risk assets, then positioned as a move away from US holdings, and is now driven primarily by investor flows.
These flows, Kendrick stated, are coming from various sources. US spot Bitcoin exchange-traded funds have seen $5.3 billion in inflows over the past three weeks, suggesting increased institutional participation.
Examples of large investors allocating funds include software firm MicroStrategy increasing Bitcoin purchases, the Abu Dhabi sovereign wealth fund holding BlackRock's IBIT Bitcoin ETF, and the Swiss National Bank reportedly buying shares of MicroStrategy, often viewed as a proxy for Bitcoin exposure.
While Bitcoin has previously shown trading patterns similar to risk assets like US technology stocks, Kendrick believes the wave of institutional adoption is reshaping its role as a macro asset.
"We expect these supportive factors to push BTC to a fresh all-time high around USD 120,000 in Q2," Kendrick had stated earlier.
