Bitcoin’s relentless rally is prompting some analysts to revise their boldest forecasts.
Geoffrey Kendrick of Standard Chartered, a well-known Bitcoin bull, has now admitted that his earlier $120,000 forecast for the world’s largest cryptocurrency may have been conservative.
In an email shared with clients on Thursday, Kendrick wrote, “I apologize that my Q2 target of $120,000 may be too low,” acknowledging the accelerating pace of Bitcoin’s price moves.
As of Thursday, Bitcoin was trading just below the $100,000 mark — up more than 3% to $99,293 after briefly touching $99,897.
Kendrick, who heads digital assets research at Standard Chartered, originally forecast last month that Bitcoin would reach an all-time high of $120,000 in the second quarter of 2025.
His thesis was built on two major trends: a strategic reallocation of capital away from U.S. assets and growing accumulation of Bitcoin by institutional “whales” — large holders with significant buying power.
He now believes those estimates may understate Bitcoin’s true upside.
“The dominant narrative for Bitcoin has shifted again,” Kendrick noted. “Now it’s all about flows. And flows come in many forms.”
Kendrick pointed to several drivers behind the bullish momentum, including rising institutional investment via U.S. spot Bitcoin ETFs.
Over the past three weeks alone, Bitcoin ETFs have seen $5.3 billion in inflows, according to his analysis.
That trend suggests traditional financial players are steadily increasing their exposure to digital assets.
He also highlighted large moves by institutional investors.
Software firm MicroStrategy has ramped up its Bitcoin purchases and effectively acts as a proxy for Bitcoin exposure in the equity market.
Meanwhile, Abu Dhabi’s sovereign wealth fund has taken a position in BlackRock’s IBIT Bitcoin ETF, and even the Swiss National Bank has reportedly invested in MicroStrategy shares.
With Bitcoin price forecasts being revised upward and institutional capital flowing in at record levels, Kendrick’s revised outlook signals the potential for an explosive summer for crypto markets.