Geoffrey Kendrick pointed to several factors driving the bullish momentum.
\nAs of Thursday, Bitcoin was trading just shy of the $100,000 mark.
\nSoftware company MicroStrategy has ramped up its Bitcoin purchases.<\/p>\n
Bitcoin\u2019s relentless rally is prompting some analysts to revise their boldest predictions.<\/p>\n
Standard Chartered\u2019s Geoffrey Kendrick, a well-known Bitcoin bull, has now admitted that his earlier forecast of $120,000 for the world\u2019s largest cryptocurrency might be too conservative<\/a>.<\/p>\n In an email shared with clients on Thursday, Kendrick said, \u201cI apologise that my USD120k Q2 target may be too low,\u201d<\/em> acknowledging the accelerating momentum in Bitcoin\u2019s price.<\/p>\n As of Thursday, Bitcoin was trading just shy of the $100,000 mark<\/a>\u2014up over 3% to $99,293, after briefly touching $99,897.<\/p>\n 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.<\/p>\n His thesis was built on two major trends: a strategic shift of capital away from US assets and increasing accumulation of bitcoin by institutional \u201cwhales\u201d\u2014major holders with large buying power.<\/p>\n Now, he believes those estimates may underestimate Bitcoin\u2019s real potential.<\/p>\n \u201cThe dominant story for Bitcoin has changed again,\u201d Kendrick noted. \u201cIt is now all about flows. And flows are coming in many forms.\u201d<\/p>\n Kendrick pointed to several factors driving the bullish momentum, including surging institutional investment via US spot Bitcoin ETFs.<\/p>\n Over the past three weeks alone, Bitcoin ETFs have seen $5.3 billion in inflows, according to his analysis.<\/p>\n This suggests that mainstream financial players are steadily increasing their exposure to digital assets.<\/p>\n He also highlighted big-ticket moves by institutional investors.<\/p>\n Software company MicroStrategy has ramped up its Bitcoin purchases, effectively acting as a proxy stock for Bitcoin exposure.<\/p>\n Meanwhile, the Abu Dhabi sovereign wealth fund has taken a position in BlackRock\u2019s IBIT bitcoin ETF, and even the Swiss National Bank has reportedly invested in MicroStrategy shares.<\/p>\n With Bitcoin price predictions now being revised upward and institutional capital flowing in at record levels, Kendrick\u2019s new outlook signals a potentially explosive summer for crypto markets.<\/p>\n The post Standard Chartered strategist walks back $120K Bitcoin call, admits target might be \u2018too low\u2019<\/a> appeared first on CoinJournal<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" 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\u2019s relentless rally is prompting some analysts to revise their boldest predictions. Standard Chartered\u2019s Geoffrey Kendrick, a well-known Bitcoin bull, has now admitted that […]<\/p>\n","protected":false},"author":0,"featured_media":3279,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-3278","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"acf":[],"_links":{"self":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/3278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/comments?post=3278"}],"version-history":[{"count":0,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/3278\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media\/3279"}],"wp:attachment":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media?parent=3278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/categories?post=3278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/tags?post=3278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}