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Standard Chartered Analyst Raises Bitcoin Price Forecast, Sees $120,000 Target as Too Low

BusinessStandard Chartered Analyst Raises Bitcoin Price Forecast, Sees $120,000 Target as Too Low

A Standard Chartered analyst, Geoffrey Kendrick, has revised his earlier prediction for Bitcoin’s price, now stating that his $120,000 target for the second quarter of 2025 may be too low. In an email to clients on Thursday, Kendrick humorously apologized for underestimating the potential of the cryptocurrency. Initially, Kendrick had forecast that Bitcoin would reach around $120,000 in Q2 2025, driven by a shift in asset allocation away from U.S. assets and increased accumulation by major holders or “whales.” He also expected gains to continue through the summer, leading to a year-end target of $200,000.

However, on Thursday, Kendrick stated that the $120,000 target now seems easily achievable and possibly too conservative, given recent market developments. The focus for Bitcoin has shifted, according to Kendrick, from its correlation with risk assets to becoming a strategic investment vehicle for reallocating assets away from U.S. markets. He explained that the dominant narrative surrounding Bitcoin has evolved and is now driven largely by capital flows, which are coming from various sources.

Kendrick’s comments came as Bitcoin’s price surged past the $100,000 mark, trading at $100,511.22, reflecting a 4.5% increase. He highlighted the growing trend of institutional interest in Bitcoin, particularly in U.S. spot Bitcoin exchange-traded funds (ETFs), which have seen $5.3 billion in inflows over the past three weeks. This surge suggests that more institutional capital is entering the market, further supporting Bitcoin’s price rally.

Large investors have also been allocating part of their portfolios to Bitcoin, reinforcing the cryptocurrency’s appeal as a store of value. For example, software company MicroStrategy has increased its Bitcoin purchases, while the Abu Dhabi sovereign wealth fund has invested in BlackRock’s IBIT Bitcoin ETF. Additionally, the Swiss National Bank has purchased shares in MicroStrategy, which is widely seen as a proxy for Bitcoin exposure.

Kendrick, a long-time Bitcoin bull, believes that the continued institutional inflows, combined with strategic shifts and broader market dynamics, point to a brighter outlook for the cryptocurrency. His revised forecast reflects growing optimism about Bitcoin’s future trajectory and its increasing role in global asset allocation.

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