Bitcoin’s price has crossed $100,000 again, prompting Standard Chartered’s Geoffrey Kendrick to raise his Q2 forecast dramatically. He now expects Bitcoin to hit $200,000 by the end of the year, citing strong institutional support and legislative changes as key factors driving this bullish momentum.
Bitcoin has soared back above the $100,000 mark as of early Thursday, clocking its highest price since February. TradingView reports the asset is now just 8% shy of its all-time peak. Geoffrey Kendrick, who leads digital assets at Standard Chartered, has revised his price predictions significantly in light of recent bullish momentum within the market.
Kendrick, in a note to clients, acknowledged a major error in his earlier Bitcoin forecast, conceding that he had underestimated the asset’s potential, previously estimating a peak of $120,000 for the second quarter. Now, he’s confident that not only is that figure too low but is putting forth a $200,000 target for Bitcoin by the year’s end as a more reasonable expectation.
Several factors underpin this optimistic outlook. Kendrick pointed to growing institutional interest, a shift of investments away from US assets, significant whale accumulation, and favourable regulatory changes as key drivers behind the recent surge. He now believes that his new price prediction is highly achievable given the evolving landscape of Bitcoin’s market.
Initially, Bitcoin was perceived as being closely tied to risk assets, like tech stocks, Kendrick explained. That narrative has shifted; it’s now seen as a hedge against US economic instability, leading to new sources of investment flowing into the cryptocurrency. The dynamics have changed with fresh money entering the Bitcoin market, making it attractive to a broader range of investors.
The recent rally was ignited late Wednesday night when Bitcoin surged past the $98,000 threshold, buoyed by positive sentiment stemming from anticipated US-China trade negotiations and increasing institutional participation. Additionally, on the same day, Arizona’s governor enacted a Bitcoin reserve bill, which followed New Hampshire’s groundbreaking legislation, further demonstrating the growing acceptance and legal recognition of Bitcoin and cryptocurrency.
