- Geoffrey Kendrick pointed to a number of elements driving the bullish momentum.
- As of Thursday, Bitcoin was buying and selling simply shy of the $100,000 mark.
- Software program firm MicroStrategy has ramped up its Bitcoin purchases.
Bitcoin’s relentless rally is prompting some analysts to revise their boldest predictions.
Customary Chartered’s Geoffrey Kendrick, a well known Bitcoin bull, has now admitted that his earlier forecast of $120,000 for the world’s largest cryptocurrency might be too conservative.
In an electronic mail shared with shoppers on Thursday, Kendrick mentioned, “I apologise that my USD120k Q2 goal could also be too low,” acknowledging the accelerating momentum in Bitcoin’s value.
As of Thursday, Bitcoin was trading just shy of the $100,000 mark—up over 3% to $99,293, after briefly touching $99,897.
Kendrick, who heads digital asset analysis at Customary Chartered, initially predicted final month that Bitcoin would attain a file excessive of $120,000 within the second quarter of 2025.
His thesis was constructed on two main traits: a strategic shift of capital away from US belongings and growing accumulation of bitcoin by institutional “whales”—main holders with massive shopping for energy.
Now, he believes these estimates might underestimate Bitcoin’s actual potential.
“The dominant story for Bitcoin has modified once more,” Kendrick famous. “It’s now all about flows. And flows are coming in lots of kinds.”
Kendrick pointed to a number of elements driving the bullish momentum, together with surging institutional funding by way of US spot Bitcoin ETFs.
Over the previous three weeks alone, Bitcoin ETFs have seen $5.3 billion in inflows, in accordance with his evaluation.
This means that mainstream monetary gamers are steadily growing their publicity to digital belongings.
He additionally highlighted big-ticket strikes by institutional buyers.
Software program firm MicroStrategy has ramped up its Bitcoin purchases, successfully performing as a proxy inventory for Bitcoin publicity.
In the meantime, the Abu Dhabi sovereign wealth fund has taken a place in BlackRock’s IBIT bitcoin ETF, and even the Swiss Nationwide Financial institution has reportedly invested in MicroStrategy shares.
With Bitcoin value predictions now being revised upward and institutional capital flowing in at file ranges, Kendrick’s new outlook alerts a probably explosive summer season for crypto markets.