According to CNBC, Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank, has revised his Bitcoin price forecast, admitting that the previously set target price of $120,000 for the second quarter "may be too low." This analyst accurately predicted the Bitcoin rally for 2024 last year. Kendrick stated that recent market dynamics indicate that institutional funds are continuously flowing into the Bitcoin market through various channels. Over the past three weeks, the net inflow of U.S. spot Bitcoin ETFs reached $5.3 billion. He specifically mentioned several key signals: MicroStrategy's continued accumulation of Bitcoin, Abu Dhabi's sovereign wealth fund holding BlackRock's Bitcoin ETF, and the Swiss National Bank investing in MicroStrategy stock. Kendrick maintains his year-end target price of $200,000, believing that the upward trend may continue through the summer. He pointed out that the market drivers for Bitcoin have shifted from "risk asset correlation" to "capital flow dominance," a structural change that provides greater upside potential for the price.
Standard Chartered Analyst Admits Previous Prediction of Bitcoin Reaching $120,000 in Q2 "May Be Too Low"
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