Standard Chartered Analyst Apologizes: $120K Bitcoin Prediction May Be Too Low; Year-End Target $200K

Geoffrey Kendrick, Standard Chartered's Head of Digital Assets, has apologized to clients, saying his earlier forecast of Bitcoin reaching $120,000 in Q2 2025 may be too conservative. Bitcoin's rally has accelerated faster than expected, now hovering near $100,000. Kendrick highlights a shift in narrative: bitcoin is no longer just correlated with risk assets or a tool for asset reallocation—it is now driven by massive inflows. U.S. spot Bitcoin ETFs have seen $5.3 billion in net inflows over the past three weeks. Institutional examples include Strategy's continued purchases, Abu Dhabi's sovereign wealth fund holding BlackRock's IBIT, and the Swiss National Bank reportedly holding MSTR shares. Kendrick believes Bitcoin's role has transformed from a risky tech stock proxy to a global macro asset. He maintains his year-end target of $200,000, viewing $120,000 as a milestone rather than a peak.