Standard Chartered Analyst Apologizes for $120K Bitcoin Price Prediction, Says It Is Too Low

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In a surprising reversal, Geoffrey Kendrick, Head of Digital Assets at Standard Chartered, has publicly revised his earlier Bitcoin price forecast—apologizing not for being too optimistic, but for underestimating the digital asset’s momentum.

“I apologise that my USD120k Q2 target may be too low,” Kendrick stated in a client note on Thursday, signaling a significant shift in sentiment as Bitcoin surges toward six figures. His previous prediction anticipated a peak of $120,000 by the second quarter of 2025, driven by macroeconomic reallocation and growing whale accumulation. But with Bitcoin now trading near $100,000—up over 3% on the day to $99,293.54—the rally is unfolding faster than even bullish analysts expected.

A Shifting Narrative: From Risk Asset to Macro Store of Value

For years, Bitcoin was often categorized alongside volatile tech stocks, rising and falling with broader risk-on market sentiment. But according to Kendrick, that narrative has fundamentally changed.

“The dominant story for Bitcoin has changed again,” he explained. “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.”

This evolution marks a critical turning point. Bitcoin is no longer seen merely as a speculative instrument but as an increasingly institutionalized macro asset—a digital store of value gaining traction in global portfolios.

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Institutional Inflows Signal a New Era

One of the most compelling drivers behind Bitcoin’s accelerated ascent is the flood of institutional capital. Over the past three weeks alone, U.S. spot Bitcoin ETFs have attracted approximately $5.3 billion in net inflows, according to Kendrick. This surge reflects growing confidence among traditional finance players and underscores Bitcoin’s expanding role in diversified investment strategies.

Key examples highlight this shift:

These developments are not isolated incidents—they represent a coordinated movement of global capital toward Bitcoin as a hedge against monetary uncertainty and a long-term value reserve.

Why $120K Might Be Just the Beginning

Kendrick’s original $120,000 forecast for Q2 2025 was already among the more aggressive price targets on Wall Street. It was based on several assumptions: continued ETF inflows, geopolitical diversification away from U.S. assets, and sustained demand from high-net-worth investors.

But current market dynamics suggest those conditions are materializing sooner and more intensely than projected.

Bitcoin’s proximity to $100,000—once considered a psychological barrier—now appears to be a springboard rather than a ceiling. With momentum building and technical indicators pointing upward, many analysts believe the asset could reach new all-time highs well before mid-year.

Kendrick now suggests that $120,000 may serve as an interim milestone**, not a peak. His updated outlook aligns with a year-end target of **$200,000, supported by ongoing macro tailwinds and structural shifts in asset allocation.

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What’s Driving the Surge?

Several interconnected factors are fueling Bitcoin’s rapid appreciation:

  1. ETF Momentum: The approval and success of U.S. spot Bitcoin ETFs have opened the floodgates for retail and institutional participation.
  2. Global Diversification: Geopolitical tensions and concerns over U.S. fiscal policy are prompting sovereign funds and large investors to seek non-traditional reserves.
  3. Whale Accumulation: Major holders continue to buy and hold, reducing circulating supply and increasing scarcity pressure.
  4. Monetary Policy Uncertainty: With inflation persistence and shifting Fed expectations, hard assets like Bitcoin are regaining appeal.

Together, these forces create a powerful feedback loop: rising prices attract more capital, which drives further adoption and valuation growth.

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FAQ: Understanding the New Bitcoin Landscape

Q: Why did Standard Chartered revise its Bitcoin price forecast upward?
A: Because actual market performance—driven by strong ETF inflows and institutional adoption—has outpaced earlier projections. The $120K target now seems conservative given current momentum.

Q: Are spot Bitcoin ETFs really making a difference?
A: Absolutely. The $5.3 billion in inflows over three weeks demonstrates tangible demand. These ETFs provide regulated, accessible exposure, encouraging pension funds, family offices, and retail investors to participate.

Q: Is Bitcoin still correlated with tech stocks?
A: Historically yes, but that link is weakening. Bitcoin is increasingly decoupling from Nasdaq-style volatility and behaving more like a macro asset influenced by liquidity, geopolitics, and monetary policy.

Q: What does it mean when central banks hold MSTR stock?
A: It suggests indirect but strategic exposure to Bitcoin. Since direct ownership may pose regulatory or operational challenges, holding shares in companies like MicroStrategy offers a workaround with leveraged upside.

Q: Could Bitcoin really hit $200,000 by year-end?
A: While no prediction is guaranteed, the combination of limited supply, rising demand, and macro tailwinds makes it plausible within the current cycle—especially if institutional inflows continue.

Q: How should investors interpret "flows" as a key metric?
A: Flow data—such as ETF purchases, exchange withdrawals, and on-chain activity—reveals where smart money is moving. Sustained positive flows indicate conviction and long-term positioning.

The Road Ahead: From Six Figures to Seven?

As Bitcoin approaches $100,000, market psychology shifts dramatically. What once seemed unattainable becomes inevitable. The narrative has evolved from skepticism to anticipation—not if it will break records, but how high it will go.

With global institutions repositioning portfolios and digital assets gaining legitimacy, Kendrick’s apology isn’t just humility—it’s recognition of a transformative moment in financial history.

Bitcoin is no longer on the fringe. It’s at the center of a new investment paradigm.

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For investors watching from the sidelines, the message is clear: the window for early positioning may be closing faster than expected. Whether you're evaluating long-term wealth preservation or seeking exposure to high-growth assets, understanding Bitcoin’s evolving role is essential.

As Standard Chartered’s revised forecast shows, even seasoned analysts are having to recalibrate their expectations. And if $120,000 is now considered too low, the journey toward $200,000—and beyond—could be just beginning.