Investing.com -- Bitcoin is on track to reach a new all-time high, according to Standard Chartered’s Geoffrey Kendrick.
Kendrick, a Global Head of Digital Assets Research at Standard Chartered (LON:STAN), said his “specific target” of $120,000 per Bitcoin for the second quarter “looks very achievable.”
In a note published Thursday, Kendrick said the dominant narrative around Bitcoin has shifted again—this time, it’s all about flows.
U.S.-listed spot ETFs have seen $5.3 billion in inflows over the past three weeks, while offsetting hedge fund shorts increased by only $1.2 billion. “So net real flow is more than $4bn,” Kendrick noted.
He also pointed to large-scale accumulation by major investors, including Strategy (NASDAQ:MSTR), formerly MicroStrategy, which now holds 555,450 Bitcoins—around 2.6% of the total supply. Kendrick added that Strategy plans to raise $84 billion to buy even more, potentially pushing its ownership to over 6%.
The report highlighted other supportive signals, including gold ETF outflows into Bitcoin ETFs, a surge in U.S. Treasury term premium, and buying activity by institutions like the Swiss National Bank and Norges Bank.
“I apologise that my $120k Q2 target may be too low,” Kendrick wrote.
A new U.S. catalyst may be emerging as well. New Hampshire recently became the first state to pass a Strategic Bitcoin Reserve bill, which Kendrick believes could inspire similar moves elsewhere.
Standard Chartered expects the rally to continue, projecting a year-end price of $200,000. “We expect these supportive factors to push BTC to a fresh all-time high around $120,000 in Q2,” Kendrick wrote. “Then onto my $200k end-year forecast.”