Geoffrey Kendrick of Standard Chartered retracts his previous USD 120,000 Bitcoin price prediction, suggesting it may actually be too low as Bitcoin’s recent rally approaches USD 100,000. Institutional interest is surging, with significant inflows to bitcoin ETFs indicating a shift in the market narrative towards macro asset status. Kendrick’s year-end target has now been raised to USD 200,000, reflecting evolving trends in Bitcoin’s adoption.
In a rather notable shift, Geoffrey Kendrick, the Head of Digital Assets at Standard Chartered, has revised his bitcoin price prediction downward—well, sort of. In an email sent to clients, he stated rather candidly, “I apologise that my USD 120,000 Q2 target may be too low.” This statement comes as Kendrick re-evaluates his earlier forecast that anticipates bitcoin will peak at this price point around mid-2025.
Kendrick’s change of heart comes in the wake of a strong upward trajectory for bitcoin; it’s currently trading near $100,000, enjoying a daily spike of more than 3% to reach approximately USD 99,293.54. Reflecting on the rapid movement in the market, he admitted that this recent rally has outpaced his expectations.
“The dominant story for Bitcoin has changed yet again,” Kendrick explained, transitioning from risk asset correlation to a focus on market flows. He noted that the influx of capital is becoming more varied and complex, changing the landscape.
A key factor in this shift is the noteworthy $5.3 billion that has funneled into U.S. spot bitcoin ETFs over the last three weeks. Kendrick interprets this surge as a clear indication of increasing institutional appetite for bitcoin, reinforcing its emerging status as a macro asset within global investment strategies.
To bolster his updated assessment, Kendrick pointed to several heavyweight examples of institutional involvement. For instance, the Abu Dhabi sovereign wealth fund’s stake in BlackRock’s spot Bitcoin ETF, along with the Swiss National Bank’s rumoured interest in shares of MicroStrategy (MSTR), which is often seen as a Bitcoin proxy.
Historically viewed alongside high-risk U.S. tech stocks, Bitcoin’s volatility seemed to mirror those assets. However, Kendrick argues that the institutional adoption narrative is shifting, which could drive bitcoin beyond the USD 120,000 mark this summer, setting the stage for his more bullish year-end target of $200,000.
Before, Kendrick had confidently stated the expectation that BTC would rise to USD 120,000 in Q2 based on solid support factors. But given the current price trajectory approaching six figures, it seems this milestone may simply serve as a stepping stone to even greater heights in the near future.
