- Geoffrey Kendrick pointed to a number of components driving the bullish momentum.
- As of Thursday, Bitcoin was buying and selling simply shy of the $100,000 mark.
- Software firm MicroStrategy has ramped up its Bitcoin purchases.
Bitcoin’s relentless rally is prompting some analysts to revise their boldest predictions.
Standard Chartered’s Geoffrey Kendrick, a well known Bitcoin bull, has now admitted that his earlier forecast of $120,000 for the world’s largest cryptocurrency might be too conservative.
In an e-mail shared with shoppers on Thursday, Kendrick mentioned, “I apologise that my USD120k Q2 target may be too low,” acknowledging the accelerating momentum in Bitcoin’s value.
As of Thursday, Bitcoin was trading just shy of the $100,000 mark—up over 3% to $99,293, after briefly touching $99,897.
Kendrick, who heads digital asset analysis at Standard Chartered, initially predicted final month that Bitcoin would attain a file excessive of $120,000 within the second quarter of 2025.
His thesis was constructed on two main tendencies: a strategic shift of capital away from US property and rising accumulation of bitcoin by institutional “whales”—main holders with giant shopping for energy.
Now, he believes these estimates might underestimate Bitcoin’s actual potential.
“The dominant story for Bitcoin has changed again,” Kendrick famous. “It is now all about flows. And flows are coming in many forms.”
Kendrick pointed to a number of components driving the bullish momentum, together with surging institutional funding through US spot Bitcoin ETFs.
Over the previous three weeks alone, Bitcoin ETFs have seen $5.3 billion in inflows, in response to his evaluation.
This means that mainstream monetary gamers are steadily rising their publicity to digital property.
He additionally highlighted big-ticket strikes by institutional buyers.
Software firm MicroStrategy has ramped up its Bitcoin purchases, successfully appearing as a proxy inventory for Bitcoin publicity.
Meanwhile, the Abu Dhabi sovereign wealth fund has taken a place in BlackRock’s IBIT bitcoin ETF, and even the Swiss National Bank has reportedly invested in MicroStrategy shares.
With Bitcoin value predictions now being revised upward and institutional capital flowing in at file ranges, Kendrick’s new outlook indicators a probably explosive summer time for crypto markets.
