Standard Chartered Analyst Backs Off Bitcoin Price Prediction, Now Calls $120,000 BTC ‘Too Low’: Report

An analyst from the banking giant Standard Chartered is reportedly changing his price prediction for Bitcoin ( BTC ), predicting that the crypto king shoots up even higher than previously anticipated.

According to a new report by CNBC, Geoffrey Kendrick, head of digital assets at the firm, is apologizing for predicting that BTC will hit the $120,000 price tag by Q2 of this year, noting that his forecast may still be too low.

As stated by Kendrick last month when he made the prediction, according to CNBC,

“We expect these supportive factors to push BTC to a fresh all-time high around $120,000 in Q2. We see gains continuing through the summer, taking BTC-USD towards our year-end forecast of $200,000.”

However, Kendrick now says the flagship digital asset should rise even higher because money is flowing into it from many avenues, noting that BTC has seen $5.3 billion worth of inflows during the last three weeks from prominent institutions, such as the Abu Dhbai sovereign wealth fund as well as the software firm Strategy, formerly known as MicroStrategy.

“The dominant story for Bitcoin has changed again. It was [correlated] to risk assets… It then became a way to position for strategic asset reallocation out of US assets It is now all about flows. And flows are coming in many forms.”

Though Kendrick said his previous prediction was too low, he did not specifically make a new one. Bitcoin is trading for $99,450 at time of writing, a 2.6% gain during the last day.

Generated Image: DALLE3