Geoffrey Kendrick from Standard Chartered, head of digital assets, said that Bitcoin (BTC) appears on the right track to reach new record highs earlier than expected, powered by the increasing institutional intake and a worldwide shift in the allocation of assets.
In an investor note of 8 May shared with CryptoSlate, Kendrick said that he initially projected a target of $ 120,000 for the second quarter. However, he now believes that that figure can underestimate the momentum of the market.
He wrote:
“I apologize that my USD120K Q2 target may be too low.”
Based on crypto slat data, Bitcoin acted at $ 101,751, an increase of 5.66% in the last 24 hours.
Changing story leads to currents
Kendrick said that the story about Bitcoin has shifted dramatically in recent months, and the flagship Crypto, which was once mainly seen as a risk, is increasingly considered a strategic spare tire.
He argued that Bitcoin has evolved into a vehicle for re -assigning capital from traditional US shares and in alternative value stores. He emphasized that the rally is not powered by speculation now, but through currents, in particular from ETFs and institutional buyers in the long term.
Kendrick noted that Bitcoin ETFs of the US are noted in the past three weeks $ 5.3 billion, and after correction for basic trade and short hedge positions, the estimated net streams are probably more than $ 4 billion.
Kendrick added that the inflow represents a considerable flow of demand that could push prices higher in the coming weeks.
Kendrick also pointed to the growing influence of business and sovereign actors in the recent performance of Bitcoin. Strategy has raised its Bitcoin Holdings to 555,450 BTC, or 2.6% of the total offer that will ever exist.
The company’s plan to raise $ 84 billion extra to finance further Bitcoin purchases can bring its total share to more than 6% of the total supply.
Sovereign and adoption at state level
In the meantime, sovereign wealth funds and central banks are starting to follow. Kendrick quoted the 4,700 BTC equivalent position of Abu Dhabi in Ibit from the end of December and noted that extra long-term buyers have probably joined since then.
He also emphasized recent activities of the Swiss National Bank and Noorways Norges Bank, who initiated both positions in MSTR.
On Policy Front, Kendrick marked the newly assumed strategic Bitcoin Reserve Bill from New Hampshire as a potential turning point for the acceptance of US state level. He expects other states to introduce similar legislation aimed at incorporating bitcoin in their treasury strategies.
From 8 May, Arizona has also adopted full legislation that draws up a Bitcoin Reserve Fund, while Texas is about to have approval. About 11 other states are also making decisions about similar bills.
With more institutional disclosures that are expected next week via 13F archives, Kendrick warned that the Bitcoin process can continue to surprise the benefit.
Bitcoin -Market data
At the time of press 21:51 UTC on May. 8, 2025Bitcoin is on the market capitalization market and the price is upwards 6.06% In the last 24 hours. Bitcoin has a market capitalization of $ 2.03 trillion With a trade volume of 24 hours $ 61.74 billion. More information about Bitcoin ›
Summary of the Cryptomarkt
At the time of press 21:51 UTC on May. 8, 2025The total crypto market is appreciated at $ 3.2 trillion With a volume of 24 hours $ 142.66 billion. Bitcoin Dominance is currently up 63.51%. More information about the Cryptomarkt ›
