Geoffrey Kendrick is Standard Chartered’s head of digital assets. He has rethought his bullish attitude. bitcoin He was not too confident in his forecast.
“I apologise that my USD120k Q2 target may be too low,” Kendrick said He walked back on his prediction of a bitcoin peak at $120,000 around Q2 2020 in an email sent out to clients.
Kendrick, just last month, predicted that bitcoin would reach a record high by the middle of this year, driven by “a strategic asset reallocation away from US assets” By accumulating, “whales” Referring to holders who have large positions.
Now you can buy bitcoin hovering near $100,000 Kendrick acknowledges that the rally is moving faster than anticipated. The day’s gains were more than 3%, bringing the total to $92,293.54.
“The dominant story for Bitcoin has changed again,” Kendrick said. “It was correlation 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.”
Kendrick reports that $5.3 billion has been poured into U.S. bitcoin spot ETFs in the past three weeks. That kind of activity signals surging institutional interest — a trend that further strengthens bitcoin’s new role as a macro asset in global portfolios.
Kendrick cited several examples of heavyweights to back up his new stance. Strategy Abu Dhabi’s sovereign wealth fund, which holds BlackRock spot Bitcoin IBIT shares, is ramping up its bitcoin purchases. Meanwhile, Swiss National Bank, often viewed as an leveraged proxy to bitcoin, has reportedly purchased MSTR.
Bitcoin was previously grouped with U.S. high-risk tech stocks because of their volatile nature. But with the current wave of institutional adoption, Kendrick believes bitcoin has taken on a new narrative—one that might carry it well beyond the $120,000 mark this summer, and toward his year-end forecast of $200,000.
“We expect these supportive factors to push BTC to a fresh all-time high around USD 120,000 in Q2,” Kendrick had said earlier. BTC is now approaching six figures. That milestone could just be another stepping stone.
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Source: bitcoinmagazine.com
