On May 9, Standard Chartered's digital asset chief Geoffrey Kendrick shared a half-joking comment with clients via email on Thursday: "I apologize for my second-quarter target of Bitcoin reaching $120,000 possibly being too low."

Last month, Kendrick wrote in a report that he expects Bitcoin to hit 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 of 'whales' (major holders)." "We expect these supporting factors to drive Bitcoin to approximately $120,000 in the second quarter, with the rally continuing throughout the summer, bringing Bitcoin closer to our year-end forecast of $200,000."