Record-shattering Bitcoin surge past $102,000; analyst's $120,000 prediction deemed overly conservative
Updated Article:
Bitcoin has blasted past the $100K mark on a roaring Thursday, leaving one top analyst questioning if his initial assumptions were too modest. Geoffrey Kendrick from Standard Chartered is re-evaluating his optimistic call as institutional cash continues to surge into the market.
Here's the lowdown:
- Bitcoin's price soared above $102,700, surging around 4% in the last 24 hours.
- Standard Chartered's earlier Q2 projection of $120,000 could now be too modest.
- Recent inflows exceeded $5.3 billion, with big hitters like MicroStrategy and Abu Dhabi's wealth fund leading the charge.
Just a few weeks ago, Standard Chartered's digital assets czar, Geoffrey Kendrick, predicted that Bitcoin would hit $120,000 by Q2 2025. However, Kendrick is second-guessing that call because the price is escalating more rapidly than anticipated. In a chat with CNBC, Kendrick confessed, "We thought these positive factors would push BTC to a new high of $120,000 in Q2. However, we now believe our earlier figure might have underestimated Bitcoin's real potential."
With BTC already trading above $102,700, Kendrick explained that institutional purchasing pressure is coming from all corners of the investing world. Over the past three weeks alone, the crypto market has seen a whopping $5.3 billion in inflows.
Key players like Abu Dhabi’s sovereign wealth fund and Strategy (formerly MicroStrategy) have been heavy contributors to the Bitcoin hoard. Kendrick pointed out, "It's no secret that Bitcoin's narrative has shifted again... It's all about cash flow now. And the cash is coming from various sources."
Previously, Kendrick viewed Bitcoin as a risk-asset counterpart or a strategic hedge against US exposure. He now believes that the driving force behind the upward trend is purely capital flow, with multiple sources fueling the continued ascent.
Although Kendrick refrained from issuing a new specific target beyond his initial $120,000 Q2 estimate, his tone indicates that revised expectations are pointing skyward at an accelerated pace.
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[1] Business Insider[2] Standard Chartered[3] Reuters[4] Forbes[5] CNBC
- Geoffrey Kendrick, the digital assets czar at Standard Chartered, initially predicted that Bitcoin would reach $120,000 by Q2 2025, but he is now questioning that call due to the cryptocurrency's rapid escalation.
- In a 24-hour period, Bitcoin's price soared above $102,700, surpassing Standard Chartered's earlier Q2 projection of $120,000, hinting that the original figure might have undershot Bitcoin's potential.
- Institutional investors, including MicroStrategy and Abu Dhabi's wealth fund, have been significant contributors to the recent inflows into Bitcoin, totaling over $5.3 billion.
- The driving force behind Bitcoin's upward trend is now seen as pure capital flow, with multiple sources fueling the continued ascent, indicating that revised expectations for the cryptocurrency's price could point towards even higher levels.
