Analyst adjusts bitcoin price prediction to potentially exceed $120,000

In the United Kingdom on May 8, 2025, Geoffrey Kendrick, the head of digital assets at Standard Chartered, publicly adjusted his earlier forecast regarding the future price of bitcoin. Initially, Kendrick had projected that bitcoin would reach an all-time high of $120,000 in the second quarter of 2025. This forecast was made in light of anticipated asset reallocation away from US investments and increased accumulation by significant investors, known in the market as 'whales.' However, during a communication to clients, Kendrick acknowledged that his previous target might actually be too low. He characterized this revision as a lighthearted apology, indicating the bullish sentiment surrounding bitcoin's price at this moment. Kendrick's updated outlook suggests that reaching $120,000 for bitcoin now seems 'very achievable,' which points to an evolving narrative around cryptocurrency trading dynamics. Just days prior, bitcoin was reported to be trading close to the $100,000 mark. The price had seen positive movement during the day, increasing by over 3% to approximately $99,293.54, with an earlier peak touching $99,897.00. This performance reflects a significant rebound as traders react to shifting market conditions and institutional interest. In recent times, the relationship between bitcoin and traditional risk assets has undergone reassessment. There has been a marked trend where bitcoin is increasingly perceived and traded like conventional equities, especially tech stocks. This change highlights the growing influx of capital, predominantly from institutional investors, which has made bitcoin susceptible to similar price risks as those experienced in equity markets. Kendrick further noted several large-scale investments, including software firm MicroStrategy increasing its bitcoin holdings and the Abu Dhabi sovereign wealth fund's involvement with financial products related to bitcoin. Kendrick's remarks signal a broader optimism in the market, with his updated projection also hinting that further growth might continue throughout the summer months. He sets a more ambitious target, suggesting an eventual price of $200,000 by the end of the year. This escalation reflects an intensifying demand for cryptocurrency, making it a focal point in broader investment discussions among financial professionals and traders alike. As the market watchers and participants remain engaged, Kendrick's analysis continues to serve as a beacon for those hoping to capitalize on bitcoin's burgeoning status in the financial landscape.