Standard Chartered analyst apologizes for $120,000 bitcoin worth name, says goal ‘is also too low’

A Standard Chartered analyst who predicted bitcoin hitting $120,000 through the second one quarter now says his worth name is “too low.”

“I apologise that my USD120k Q2 target may be too low,” Geoffrey Kendrick, head of virtual belongings at Standard Chartered, stated in a tongue-in-cheek remark shared with shoppers by means of electronic mail Thursday.

Last month, Kendrick wrote a word announcing that he expects bitcoin to succeed in an all-time top of round $120,000 in the second one quarter of 2025 at the again of a “strategic asset reallocation away from US assets” and “accumulation by ‘whales’ (major holders).”

“We expect these supportive factors to push BTC to a fresh all-time high around USD 120,000 in Q2,” Kendrick stated on the time. “We see gains continuing through the summer, taking BTC-USD towards our year-end forecast of 200,000.”

On Thursday, Kendrick stated his $120,000 bitcoin worth name now “looks very achievable” and that this may occasionally also be too low a goal.

“The dominant story for Bitcoin has changed again,” the Standard Chartered analyst stated. “It was correlation to risk assets … It then became a way to position for strategic asset reallocation out of US assets.”

“It is now all about flows. And flows are coming in many forms,” he added.

His feedback come as bitcoin as soon as once more approaches the $100,000 stage. The worth of the cryptocurrency used to be ultimate observed buying and selling up through greater than 3% at $99,293.54, in step with Coin Metrics. Earlier, it rose as top as $99,897.00.

In fresh years, analysts have picked up on a development that presentations bitcoin buying and selling similarly to chance belongings reminiscent of U.S. generation shares — the explanation being that larger inflows of extra institutional capital into bitcoin makes it extra at risk of the similar marketplace dangers fairness markets face.

Kendrick — who has lengthy held a bullish place at the cryptocurrency — stated that U.S. spot bitcoin exchange-traded budget have observed $5.3 billion of inflows prior to now 3 weeks, suggesting extra institutional cash is piling in.

He pointed to a number of examples of enormous buyers allocating a part of their portfolios to bitcoin, together with tool company MicroStrategy ramping up bitcoin purchases, the Abu Dhbai sovereign wealth fund maintaining BlackRock’s IBIT bitcoin ETF, and the Swiss National Bank purchasing stocks of MicroStrategy.

MicroStrategy is extensively thought to be a proxy for bitcoin.