$BTC

According to CNBC, Standard Chartered's analysis expert Geoffrey Kendrick - who previously predicted that Bitcoin would reach 120,000 USD in the second quarter - now believes this forecast is too low.

"I apologize for the 120,000 USD target for the second quarter may have been too modest," said the Head of Digital Assets at Standard Chartered.

Last month, he wrote in a note that the price of Bitcoin is likely to reach a new historical peak around 120,000 USD in Q2/2025 thanks to factors such as the strategic asset reallocation away from the US market and accumulation activities from 'whales'.

“We expect these supporting factors will push Bitcoin to a new peak of around 120,000 USD in the second quarter. The upward momentum will continue into the summer, aiming for the 200,000 USD mark by the end of the year,” Kendrick wrote at that time.

However, on May 8, Kendrick stated that the 120,000 USD mark now “seems to be completely within reach” and may even be a target that is too low.