Standard Chartered’s Geoffrey Kendrick revised his Bitcoin forecast, now suggesting his prior $120,000 estimate might be low. Bitcoin inflows have reached $5.3 billion from institutions recently, which is influencing this change. Currently, Bitcoin trades at $99,450, reflecting a daily increase.
In a notable shift, a Standard Chartered analyst has revised his Bitcoin price outlook. Geoffrey Kendrick, head of digital assets at the bank, recently expressed regret over his prior forecast for Bitcoin to reach $120,000 by the second quarter. He now indicates that this estimate might be too conservative, hinting at even higher future prices.
Previously, Kendrick had shared back in January that he believed Bitcoin, commonly referred to as BTC, could surge to an all-time high of $120,000 within the first half of 2023, bolstered by various supportive factors. He expressed strong confidence that gains would persist, with an end-of-year target set at a staggering $200,000.
However, a combination of recent market movements has caused Kendrick to rethink the Bitcoin narrative. He pointed to an impressive $5.3 billion in inflows over the last three weeks from significant players, such as the Abu Dhabi sovereign wealth fund and Strategy, the software firm previously known as MicroStrategy. This inflow reflects a broader market enthusiasm moving toward Bitcoin.
Kendrick remarked that the prevailing narrative surrounding Bitcoin has evolved. Initially related to risk assets, it has shifted to a strategic vehicle for reallocating assets away from US dependencies. As inflows diversify further, Bitcoin has transformed into a fascinating asset attracting institutional interest from various sectors.
As it stands, Bitcoin is trading at around $99,450, having gained approximately 2.6% over the past 24 hours. Kendrick has not offered a revised target in light of these developments, yet his acknowledgement of missed predictions may indicate a substantial upward adjustment is coming.
Investors are encouraged to stay informed as market trends evolve, but as always, due diligence is crucial before making any investment, particularly in high-risk realms like cryptocurrency. The Daily Hodl reiterates that the information provided should not be construed as investment advice and that transactions carry inherent risks and responsibilities.
In the ever-changing landscape of crypto investments, Bitcoin continues to captivate attention, leaving many speculating just how high its price can go.
