Standard Chartered Analyst Says $120K Bitcoin Target May Be “Too Low”

Bitcoin has blasted past the $100,000 mark, and one of its most high-profile institutional bulls is already revising his forecasts higher. Geoffrey Kendrick, head of digital assets at Standard Chartered, has raised eyebrows after suggesting his widely-cited $120,000 BTC price target for Q2 2025 may be too conservative. Kendrick backpedals on $120K forecast: “Too Low” Kendrick had previously forecast that Bitcoin would hit an all-time high of approximately $120,000 in the second quarter of 2025. That bullish target was grounded in expectations of “strategic asset reallocation away from US assets” and “accumulation by ‘whales’,” including major institutions and sovereign entities. However, in a note shared with clients on Thursday, Kendrick made a striking admission: “I apologize that my USD120k Q2 target may be too low.” His commentary comes amid a fresh leg up for Bitcoin, which recently topped $100,000, trading at $100,801 at last check, up 4.1% on the day. Kendrick now sees Bitcoin’s growth being driven by a fundamentally different narrative. “The dominant story for Bitcoin has changed again,” he wrote. “It is now all about flows. And flows are coming in many forms.” A Standard Chartered analyst who predicted bitcoin hitting $120,000 by the second quarter now says his price call is “too low.” ️ “I apologise that my USD120k Q2 target may be too low,” Geoffrey Kendrick, head of digital assets at Standard Chartered, said in a tongue-in-cheek... pic.twitter.com/70xZpcZc1E — CNBC International (@CNBCi) May 8, 2025 He pointed to a surge of $5.3 billion into U.S. spot Bitcoin ETFs over the past three weeks, suggesting the inflows are not just hedge fund-driven basis trades, but instead represent genuine institutional accumulation. Kendrick cited large investors such as MicroStrategy, Abu Dhabi’s sovereign wealth fund, and the Swiss National Bank as examples of entities allocating capital to Bitcoin-related assets. “The $120,000 level now looks very achievable — and maybe even too low,” Kendrick concluded, hinting that the ceiling for Bitcoin could be far higher than his previous projections. A new entrant: Nakamoto poised to shake up Bitcoin investment While established institutions pile into Bitcoin, a new player is preparing to make its mark on the institutional landscape. David Bailey, CEO of BTC Inc. and a crypto advisor to former U.S. President Donald Trump, has reportedly raised $300 million to launch Nakamoto, a Bitcoin investment firm named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto. According to CNBC, the new company will go public via a reverse merger with a Nasdaq-listed firm, with the formal launch expected by summer 2025. The capital raise includes $200 million in equity and $100 million in convertible debt. Bailey’s strategy for Nakamoto draws from the playbooks of firms like MicroStrategy and Twenty One Capital. The company aims to use Bitcoin as a core treasury asset and aggressively acquire businesses across global markets, including Brazil, Thailand, and South Africa. Bailey’s move comes as part of a broader wave of institutionalization. Vivek Ramaswamy’s Strive Asset Management also recently revealed plans to pivot to a Bitcoin treasury model, seeking to raise $1 billion for BTC acquisition. The bull case: Bold Bitcoin predictions for 2025 and beyond Bitcoin’s price trajectory continues to inspire bold predictions from across the industry. While Standard Chartered’s Kendrick hinted that $120,000 could be merely a stepping stone, others have put forward significantly more ambitious projections. CZ: Bitcoin could hit $1 million Binance founder Changpeng “CZ” Zhao recently made one of the most aggressive forecasts to date, suggesting that Bitcoin could reach between $500,000 and $1 million in the current cycle. In an interview with Farokh Radio, Zhao argued that even with regulatory headwinds, Bitcoin’s long-term fundamentals are stronger than ever. Zhao also predicted that the total cryptocurrency market cap could grow to $5 trillion by the end of 2025, up from its current $3 trillion valuation. ARK Invest: $2.4 Million by 2030 ARK Invest, led by Cathie Wood, recently updated its bull case for Bitcoin to $2.4 million by 2030 — a 60% increase from its previous estimate. The firm’s analysts now account only for active supply, excluding dormant or lost coins, to arrive at a more realistic valuation model. Bull case: $2.4 million (72% CAGR) Base case: $1.2 million (53% CAGR) Bear case: $500,000 (32% CAGR) ARK Invest just raised its #Bitcoin bull case to $2.4M per $BTC by 2030! Read more https://t.co/CMmy4w7e9J pic.twitter.com/mzw5VzDlZO — CoinCodex (@CoinCodex) April 28, 2025 According to ARK analyst David Puell, Bitcoin is poised to capture market share across a broad range of use cases — from institutional portfolios and emerging markets, to digital gold and decentralized finance. CoinCodex forecast: $180,000 in Q3 2025 Meanwhile, the algorithmic Bitcoin price prediction model on CoinCodex forecasts that BTC will reach $180,000 in Q3 2025, driven by an anticipated rally starting in July. This peak is expected to be followed by a multi-month correction that could see the price return toward the $120,000 range, coinciding with Kendrick’s original, and now possibly understated, target. With institutional inflows surging, ETF participation broadening, and new players like Nakamoto entering the fray, Bitcoin’s narrative is once again evolving. As Geoffrey Kendrick put it, it’s no longer just about macro trends or technology – “it is now all about flows.” And those flows may just carry Bitcoin to levels few thought possible a year ago. Kraken: Best crypto exchange for security & reliability Buy, sell, and trade 400+ cryptocurrencies with industry-leading security Spot, Futures & Margin trading – leverage up to 5x for advanced traders Earn rewards with staking on top cryptocurrencies 24/7 customer support and high liquidity for fast trades Regulated in the US with strong compliance and security measures 13+ million users worldwide Get Started on Kraken Source: https://coincodex.com/article/67142/standard-chartered-analyst-says-120k-bitcoin-target-may-be-too-low/