Bitcoin’s relentless rally has prompted several analysts to revise their boldest forecasts.
Geoffrey Kendrick of Standard Chartered, a well-known Bitcoin bull, has now acknowledged that his earlier $120,000 projection 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 USD120k target may be too low,” noting the accelerating momentum in Bitcoin’s price.
As of Thursday, Bitcoin was trading just under $100,000—up more than 3% at $99,293 after briefly touching $99,897.
Kendrick, who leads digital assets research at Standard Chartered, initially 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 main trends: a strategic shift of capital away from U.S. assets and increased accumulation of Bitcoin by institutional “whales”—large holders with significant buying power.
Now he believes that estimate may understate Bitcoin’s true potential.
“The dominant story for Bitcoin has changed again,” Kendrick said. “Now it’s all about flows. And flows come in many forms.”
Kendrick highlighted several factors fueling the price surge, including a sharp jump in institutional investment via U.S. spot Bitcoin ETFs.
Over the past three weeks alone, those ETFs have seen $5.3 billion in inflows, according to his analysis.
That suggests mainstream financial players are continuing to increase their exposure to digital assets.
He also pointed to large-ticket moves by institutional investors.
Software firm MicroStrategy has stepped up its Bitcoin purchases, effectively acting as a proxy stock for Bitcoin exposure.
At the same time, Abu Dhabi’s sovereign wealth fund has taken a position in BlackRock’s IBIT Bitcoin ETF, and Switzerland’s central bank is reported to have invested in MicroStrategy shares.
With Bitcoin price forecasts being revised upward and institutional capital flowing in at record levels, Kendrick’s updated outlook signals the potential for an explosive summer in the crypto market.