Bitcoin is racing toward a new all-time high as bullish sentiment intensifies. Standard Chartered’s head of digital assets Geoffrey Kendrick now believes his previous target of $120,000 by Q2 might be too conservative. He previously forecasted this high based on strong accumulation by major holders and a shift away from US-based assets.

Kendrick noted that Bitcoin’s dominant narrative has shifted from risk asset correlation to powerful inflows from institutional investors. With the cryptocurrency trading just below $100,000 he highlighted that the $120,000 mark now looks very achievable and could be surpassed soon. Inflows into US spot Bitcoin ETFs have topped $5.3 billion in just three weeks indicating massive institutional interest.

Large-scale investments are supporting the rally including MicroStrategy’s continued Bitcoin purchases and holdings by major entities like the Abu Dhabi sovereign fund and the Swiss National Bank. Kendrick remains confident with a year-end target of $200,000 suggesting Bitcoin’s momentum is far from over.