On May 9, 2023, Standard Chartered's Head of Digital Assets, Geoffrey Kendrick, shared a half-joking comment with clients via email on Thursday: "I apologize if my second-quarter target for Bitcoin reaching $120,000 is too low."

Last month, Kendrick wrote in a report that he expects Bitcoin to reach an all-time high of around $120,000 in the second quarter of 2025, due to "strategic asset reallocation from U.S. assets" and the accumulation by "'whales' (major holders)." "We expect these supporting factors to drive Bitcoin to a new all-time high of around $120,000 in the second quarter, with the upward momentum continuing throughout the summer, bringing Bitcoin closer to our year-end forecast of $200,000."