Standard Chartered Ups Q2 Bitcoin Price Prediction, Calls $120,000 “Too Low”

Geoffrey Kendrick, Head of Digital Assets at Standard Chartered, has revised his Bitcoin (BTC) outlook for Q2 2025, admitting his previous price target of $120,000 may have underestimated market strength.

Standard Chartered's Head of Digital Assets, Geoffrey Kendrick, has revised his Bitcoin (BTC) outlook for Q2 2025, adjusting his previous price target of $120,000 upwards.

In an email to clients on Thursday, Kendrick admitted that his earlier prediction may have underestimated market strength, rendering $120K "too low." He now sees it as a very achievable short-term goal, with BTC having already crossed key resistance and showing signs of further ascent.

Kendrick's updated stance is fueled by favorable macroeconomic and market conditions, which he believes are combining to amplify Bitcoin's upward trajectory well ahead of schedule.

These elements, he said, are merging to propel Bitcoin towards uncharted highs, rendering higher price targets more attainable than anticipated.

"I had set a Q2 2025 price target for Bitcoin of $120K, which I now believe is too low and achievable in H2 2024. I also had a year-end price target of $200K, which I now see as achievable in Q4 2024. My earlier thinking was that a wave of ETF inflows would drive Bitcoin higher in 2025, but recent price action and macroeconomic trends suggest that this move may come sooner and take Bitcoin to higher levels than I had initially anticipated.

"The market is moving faster than I had expected, and I am adjusting my thinking accordingly. I am now expecting Bitcoin to continue to rally in H2 2024, reaching price levels that were not part of my original scenario. However, given the favorable market conditions and recent price action, I believe that these higher price targets are now coming into play much sooner than I had anticipated.

"I am also mindful of the fact that my thinking could be influenced by recency bias, but I believe that the recent trends in the market and macroeconomic landscape warrant a bullish outlook on Bitcoin in the short to mid term."

Earlier Forecast Now a Stepping Stone

In his April report, Kendrick had positioned $120K as Bitcoin's likely Q2 peak, driven by a wave of ETF inflows and growing institutional participation.

However, recent developments have led him to revise this timeframe significantly. With BTC already pushing past key resistance levels and market sentiment strengthening, Kendrick believes higher price targets are coming into play much sooner than expected.

"My earlier price call now looks very achievable," he concluded in Thursday’s note to clients.