Analysis

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

Published

5 months ago

May 8, 2025

An analyst from the Banking Big Commonplace Chartered is reportedly altering his worth forecast for Bitcoin (BTC) and predicts that the crypto king shall be even increased than anticipated.

Based on a brand new report By CNBC, Geoffrey Kendrick, head of digital property on the firm, apologizes for predicting that BTC will attain the value tag of $ 120,000 on the primary quarter of this yr, and notes that his prediction continues to be too low.

As Kendrick talked about final month when he made the prediction, in line with CNBC,

“We anticipate these supporting elements to push BTC to a recent of all instances of round $ 120,000 in Q2. We’ll see income happening in the summertime and take BTC-usd to our liable forecast of $ 200,000.”

Nevertheless, Kendrick now says that the flagship digital property has to rise even increased as a result of cash flows in lots of roads, and notes that BTC has seen $ 5.3 billion in influx over the previous three weeks from distinguished establishments, such because the Abu Dhbai sovereine wealth fund, in addition to the software program firm, beforehand referred to as micro technique.

“The dominant story for Bitcoin has modified once more. It was [correlated] To threat property … It then grew to become a technique to place for strategic redistribution of property from the American property, it’s all about flowing now. And streams are available in many types. “

Though Kendrick stated that his earlier prediction was too low, he didn’t particularly make a brand new one. Bitcoin acts for $ 99,450 on the time of writing, a revenue of two.6% over the last day.

READ Bitcoin upward trend 'fragile' as a spot market volume drops - a cause for alarm?

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The Submit Commonplace Chartered Analy helps Bitcoin -Value Prediction, now calls $ 120,000 BTC ‘Too Low’: Report first appeared on the each day HODL.