Standard Chartered's Bitcoin Apology: Previously Found the BTC Target Low, Listed the Reasons!

The leading cryptocurrency Bitcoin** surged in response to the U.S. resuming customs tax talks with China and reaching an agreement with the UK.

As Bitcoin approaches the 100 thousand dollar mark, expectations for a rise in BTC have also increased. While many analysts expect BTC to reach a new ATH in the near future, Standard Chartered stated that the 120 thousand dollar Bitcoin target could be very low.

Standard Chartered analyst Geoffrey Kendrick, speaking to CNBC, argued that the previous prediction of Bitcoin reaching $120,000 in the 2nd quarter may now be too low.

At this point, Kendrick stated in a statement he made today that the $120,000 Bitcoin price prediction is currently "very achievable" and that this prediction could be a very low target.

Kendirick noted that the market narrative has particularly shifted towards strong capital inflows from institutional investors, stating that the rise will now stem from increased institutional interest and inflows into US Spot Bitcoin ETFs:

"I apologize for my target of $120,000 in Bitcoin for the second quarter being too low."

The rise story for Bitcoin has changed again. It was correlated with risk assets... Now, however, it has started to be adopted again as a strategic asset with the flight from US assets.

Everything is now about flows. And flows come in many forms.