Bitcoin $120,000 Price Target May Be Too Low, Says Standard Chartered: ‘I Apologize’
Posted On May 8, 2025
Bitcoin (CRYPTO: BTC) could surpass previous forecasts and hit new highs sooner than expected, according to Standard Chartered‘s Head of Digital Assets Research, Geoffrey Kendrick, who acknowledged Monday that his earlier second-quarter price target of $120,000 may be too conservative.
What Happened: In a note sent to clients, Kendrick revised his tone sharply, stating, “I apologize that my $120,000 Q2 target may be too low.”
He cited accelerating inflows into U.S. spot Bitcoin ETFs, aggressive institutional buying and shifting global investor sentiment as key reasons for the bullish outlook.
“The dominant story for Bitcoin has changed again,” Kendrick wrote. “It is now all …
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