tl;dr
Geoffrey Kendrick, head of digital assets at Standard Chartered, is revising his Bitcoin price prediction upward. Previously forecasting Bitcoin to reach $120,000 by Q2 and $200,000 by year-end, he now believes these estimates may be too low due to significant inflows totaling $5.3 billion from inst...
Geoffrey Kendrick, head of digital assets at Standard Chartered, has revised his Bitcoin price outlook, suggesting it could surpass his earlier prediction of $120,000. Previously, Kendrick forecasted Bitcoin to reach $120,000 by Q2 and $200,000 by year-end, but recent significant institutional inflows have prompted him to believe these estimates may be too conservative.
In the last three weeks, Bitcoin has seen substantial inflows totaling $5.3 billion from major institutions, including the Abu Dhabi sovereign wealth fund and Strategy, formerly known as MicroStrategy. This shift in capital has altered the narrative around Bitcoin, with Kendrick noting that the momentum now stems largely from diverse inflows rather than traditional risk assets or strategic reallocations out of US assets.
Although he has not provided a new specific price target, Kendrick underscores that the dominant story for Bitcoin is now all about these incoming flows. Bitcoin is currently trading at approximately $99,450, reflecting a 2.6% increase over the last 24 hours, indicating investor confidence remains strong amid these developments.
This evolving landscape highlights how institutional interest continues to play a critical role in Bitcoin's price dynamics, suggesting the crypto market could experience even higher valuations than previously predicted. Readers are encouraged to watch how these flows and broader market trends might shape the trajectory of Bitcoin moving forward.