In a recent statement, Jeffrey Kendrick, head of digital asset research at Standard Chartered Bank, acknowledged that his previous forecast of Bitcoin reaching $120,000 in the second quarter of 2025 may be "too low," expressing regret for this conservative estimate.
Kendrick noted that Bitcoin has surpassed the $100,000 threshold for the first time since February, supported by strong inflows into exchange-traded funds (ETFs) in the United States, which amounted to $5.3 billion over the past three weeks. After accounting for short positions by hedge funds, net inflows are estimated at over $4 billion, reinforcing upward pressure on the price.
Additionally, Kendrick noted that Strategy (the new name for MicroStrategy) now holds over 555,000 Bitcoins, equivalent to about 2.6% of the total future supply, with plans to raise an additional $84 billion to purchase more, which could raise its share to over 6%.
He also pointed to the adoption of Bitcoin by major financial institutions such as the Swiss National Bank and the Norwegian Pension Fund, along with legislative moves like New Hampshire passing a law to create a strategic Bitcoin reserve, reflecting a shift in policies towards supporting digital currencies.
Based on these factors, Kendrick expects the price of Bitcoin to reach $120,000 in the second quarter of 2025, with the potential to reach $200,000 by the end of the year, supported by institutional capital inflows and supportive policies.