With the leading cryptocurrency eyeing a return to the $100,000 level, one Standard Chartered analyst has apologized for his $120k Bitcoin target, as he says that value “may be too low.” Indeed, the bank’s head of digital assets, Geoffrey Kendrick, had projected the asset to reach a new all-time high as early as Q2.
Now, Kendrick has noted that the expectation may actually be underselling what the token is capable of. On Thursday, he noted that the $120,000 milestone looked to be “very achievable.” Yet, amid its recent performance, it may be set to outdo that target price.
JUST IN: Standard Chartered Bank analyst apologizes for $120,000 Bitcoin price prediction, says target ‘may be too low.’ pic.twitter.com/JLcDOPjsK8
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Standard Chartered Calls Previous $120,000 Bitcoin Target ‘Too Low’ Amid Recent Surge
It has been an impressive 30-day stretch for Bitcoin. In that time, the leading crypto has increased by more than 23%, jumping to the $99,000 level. Subsequently, all eyes are on when the asset can once again break through the six-figure mark. There are many who expect such an increase to be imminent.
Its recent performance may be a shock to even the most optimistic analysts. Among them is Standard Chartered, which recently apologized for its $120k Bitcoin target, saying the projection “may be too low.” Indeed, its recent performance has Geoffrey Kendrick second-guessing his forecast for BTC to hit a new all-time high this quarter.
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Just last week, Kendrick issued a fresh outlook that expected big things to come from the token. Specifically, he notes that “strategic asset reallocation away from US assets,” combined with “accumulation by ‘whales (major holders),” would see the crypto skyrocket.
“We expect these supportive factors to push BTC to a fresh all-time high around USD 120,000 in Q2,” he said in a note. “We see gains continuing through the summer, taking BTC-USD towards a year-end forecast of 200,000.” Now, all eyes are on what its ramp-up in performance means for its 2025 fate. Could Bitcoin eventually outperform even that lofty projection for its yearly high?
