Bitcoin’s steady climb has prompted some analysts to reassess even their boldest forecasts.
Jeffrey Kendrick of Standard Chartered, known as a Bitcoin bull, has acknowledged that his prior $120,000 projection for the world’s largest cryptocurrency may have been too conservative.
In an email shared with clients on Thursday, Kendrick wrote, “I apologize that my USD120k Q2 target may be too low,” noting that Bitcoin’s price momentum is accelerating.
On Thursday, Bitcoin briefly touched $99,897 before rising more than 3% and settling around $99,293, falling just short of the $100,000 mark.
Kendrick, who leads digital asset research at Standard Chartered, had forecast last month that Bitcoin could reach an all-time high of $120,000 in Q2 2025.
His thesis was built on two primary trends: a strategic reallocation of capital away from U.S. assets and increasing accumulation of Bitcoin by institutional “whales” — large holders with significant purchasing power.
He now believes those estimates may be underestimating Bitcoin’s true upside.
“The dominant narrative around Bitcoin has shifted again,” Kendrick noted. “Right now, it’s all about flows. And those flows are coming in multiple forms.”
Kendrick pointed to several drivers of the bullish momentum, including a surge in institutional investment through U.S. spot Bitcoin ETFs.
According to his analysis, Bitcoin ETFs recorded $5.3 billion in inflows over the past three weeks alone.
That level of capital suggests mainstream financial players are steadily increasing their exposure to digital assets.
He also highlighted large-scale moves by institutional investors.
Software company MicroStrategy has stepped up Bitcoin purchases, effectively acting as a proxy for Bitcoin exposure through its stock.
Meanwhile, reports indicate that Abu Dhabi’s sovereign wealth fund has taken a position in BlackRock’s iBIT Bitcoin ETF, and even the Swiss National Bank has invested in MicroStrategy shares.
With price forecasts rising and institutional capital pouring in at record levels, Kendrick’s revised outlook suggests the crypto market could be set for an explosive summer.