Standard Chartered Analyst: The previously set 'BTC target of $120,000 in Q2' was too conservative, with capital flowing into the asset in multiple forms

On Thursday, via email, Geoffrey Kendrick, the Head of Digital Assets at Standard Chartered Bank, shared a somewhat joking comment with clients. He said, "I apologize that my forecast for Bitcoin to reach $120,000 in the second quarter might be on the lower side." Last month, in a report, Kendrick wrote that he anticipates Bitcoin to set a new all-time high of approximately $120,000 in the second quarter of 2025. He cited reasons such as "strategic asset reallocation from US assets" and "whale accumulation." He further stated, "We expect these supporting factors to propel Bitcoin to a new historical high of around $120,000 in the second quarter, and the upward trend will continue throughout the summer, bringing Bitcoin close to our year-end target of $200,000." On Thursday, Kendrick indicated that his previous $120,000 Bitcoin price prediction now "appears to be very attainable," and perhaps this target is even too conservative. The Standard Chartered Bank analyst said, "Bitcoin's main narrative has undergone another transformation. It was once linked to risk assets... then it became a means of strategically reallocating assets from US assets. Now it is all about the movement of funds. Funds are flowing in various forms."