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On May 8, Geoffrey Kendrick, the head of digital assets at Standard Chartered Bank, shared a commentary with clients via email. He jokingly said, 'I previously set a target of $120,000 for Bitcoin in the second quarter, which may have been too low, and I apologize for that.' It is reported that last month, Kendrick released a report forecasting that Bitcoin would reach an all-time high of around $120,000 in the second quarter of this year, due to 'strategic asset reallocation from U.S. assets' and 'continued buying by large holders.' Driven by the surge in Bitcoin, other cryptocurrencies also rose. Ethereum surged over 20% in a single day, while Dogecoin, Cardano, Ripple, and others saw significant gains.