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

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 around $120,000 in new all-time highs in the second quarter, with the momentum continuing throughout the summer, bringing Bitcoin closer to our year-end forecast of $200,000."