Standard Chartered analyst: The previous BTC Q2 to $120,000 target was too conservative, and funds are pouring in in various forms

Geoffrey Kendrick, head of digital assets at Standard Chartered, shared a tongue-in-cheek comment with clients via email on Thursday: I'm sorry that my second quarter target of $120,000 for bitcoin may have been too low.
Last month, Kendrick wrote in a note that he expects bitcoin to hit an all-time high of about $120,000 in the second quarter of 2025, due to strategic asset reallocation from U.S. assets "and the accumulation of giant whales (major holders). We expect these supportive factors to push bitcoin to a new all-time high of about $120,000 in the second quarter, with the rally continuing throughout the summer, bringing bitcoin close to the $200,000 we forecast at the end of the year.
On Thursday, Kendrick said that his previous $120,000 bitcoin price forecast now looks very achievable, and maybe even that target is too low. The Standard Chartered analyst said: The main narrative of bitcoin has changed again. It used to be associated with risk assets... then it became a way of strategic asset reallocation from U.S. assets. Now it's all about money flow. Money is pouring in in many forms. (Golden Ten)