Standard Chartered Analyst Raises Bitcoin Price Forecast
1min read An analyst from the banking giant Standard Chartered has revised his price prediction for Bitcoin (BTC), suggesting that the cryptocurrency could rise even higher than previously anticipated. Geoffrey Kendrick, head of digital assets at the firm, has reportedly apologized for his earlier prediction that BTC would reach $120,000 by the second quarter of this year, stating that this forecast may now be too conservative.
Kendrick's initial prediction, made last month, was that supportive factors would drive BTC to a new all-time high of around $120,000 in the second quarter, with gains continuing through the summer to reach a year-end forecast of $200,000. However, Kendrick has since revised his outlook, noting that the influx of money into Bitcoin from various sources indicates that the cryptocurrency could surpass his previous estimates.
According to Kendrick, Bitcoin has seen significant inflows totaling $5.3 billion over the past three weeks from prominent institutions, including the Abu Dhabi sovereign wealth fund and the software firm Strategy, formerly known as microstrategy. This influx of capital has shifted the narrative around Bitcoin, which was initially seen as correlated with risk assets and later as a means for strategic asset reallocation out of US assets. Kendrick now describes the dominant story for Bitcoin as being all about flows, with money coming in from many different avenues.
Despite acknowledging that his previous prediction was too low, Kendrick did not provide a specific new forecast for Bitcoin's price. At the time of writing, Bitcoin is trading at $99,450, reflecting a 2.6% gain over the last day. This revision in Kendrick's outlook underscores the dynamic nature of the cryptocurrency market and the potential for significant price movements driven by institutional investment and broader market trends.
Ask Aime: Could Bitcoin's price surge continue after Standard Chartered's analyst revise his prediction?
