Degen

Geoffrey Kendrick, head of digital assets at Standard Chartered, has revised down his previous forecast for the price of Bitcoin.

He apologized for underestimating Bitcoin’s value, but admitted that his $120,000 target for Q2 may be too low, as the market-leading cryptocurrency’s recent price rally has been more than expected.

Kendrick cited strong institutional capital inflows, including $5.3 billion in net inflows into US-based spot Bitcoin exchange-traded funds (ETFs) over the past three weeks, as well as buying by firms such as Strategy and Abu Dhabi’s sovereign wealth fund, as the reason for the revision.

He believes the market is now focused on “capital flows” and that the $120,000 target now looks very achievable.