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Bitcoin has smashed past $100,000 on Thursday, and one top analyst now believes his earlier forecast might have been too conservative. Geoffrey Kendrick from Standard Chartered is rethinking his bullish call as institutional money continues to flood into the market.
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Just weeks after projecting that Bitcoin would reach $120,000 by the second quarter of 2025, Standard Chartered’s head of digital assets, Geoffrey Kendrick, is already walking that back—because the price is moving faster than expected. Speaking to CNBC, Kendrick admitted, “We expect these supportive factors to push BTC to a fresh all-time high around $120,000 in Q2. We see gains continuing through the summer, taking BTC-USD towards our year-end forecast of $200,000.”
But he now says that earlier target might have undershot Bitcoin’s real potential. With BTC already trading above $102,700, Kendrick explained that institutional buying pressure is coming from all sides. Over the past three weeks alone, the crypto market has seen $5.3 billion in inflows.
Major contributors include Abu Dhabi’s sovereign wealth fund and Strategy (previously known as MicroStrategy), both of which have added heavily to their holdings. Kendrick noted, “The dominant story for Bitcoin has changed again… It is now all about flows. And flows are coming in many forms.”
Previously, he saw Bitcoin as tied to risk assets or as a strategic hedge against US exposure. Now, he believes the main driver is sheer capital flow, with multiple sources backing the continued rise.
Although Kendrick did not give a new precise target beyond the original $120,000 Q2 estimate, his tone suggests that expectations are shifting upward fast.