Standard Chartered’s Head of Digital Assets, Geoffrey Kendrick, is rethinking his bullish bitcoin forecast, and not because he was too optimistic.

“I apologise that my USD120k Q2 target may be too low,” Kendrick said Thursday in an email to clients, walking back his earlier prediction that bitcoin would peak around $120,000 in Q2 2025.

Just last month, Kendrick projected a new all-time high for bitcoin by mid-year, driven by “a strategic asset reallocation away from US assets” and accumulation by “whales” referring to major holders with large positions. 

But with bitcoin now hovering near $100,000 and surging more than 3% on the day to $99,293.54, Kendrick admits the…

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