Standard Chartered Bank analyst admits that the previous prediction that Bitcoin Q2 would reach $120000 may be too low

According to CNBC, Geoffrey Kendrick, head of digital asset research at Standard Chartered Bank, has revised his forecast for Bitcoin prices, acknowledging that the previously set target price of $120000 for the second quarter "may be too low. This analyst accurately predicted the upward trend of Bitcoin in 2024 last year. Kendrick stated that recent market trends indicate that institutional funds are continuously flowing into the Bitcoin market through various channels. In the past three weeks, the net inflow of US spot Bitcoin ETFs reached $5.3 billion. He specifically mentioned several key signals: MicroStrategy continues to increase its holdings in Bitcoin, Abu Dhabi Sovereign Wealth Fund holds BlackRock's Bitcoin ETF, and the Swiss National Bank invests in MicroStrategy stocks. Kendrick maintains its year-end target price of $200000 and believes that the upward trend may continue in the summer. He pointed out that the market driving factor of Bitcoin has shifted from "risk asset correlation" to "capital flow dominance", and this structural change has given the price greater upward space.