Standard Chartered apologises on bullish Bitcoin prediction

Standard Chartered’s Head of Digital Asset Research, Geoffrey Kendrick, has revised his Bitcoin prediction, suggesting that his previous $120,000 target for the second quarter could be too conservative. In a recent note to clients, Kendrick wrote, "I apologize that my $120,000 Q2 target may be too low," citing growing institutional interest and inflows into US listed Spot Bitcoin ETFs as primary factors leading to this change in stance. US-listed spot Bitcoin ETFs have registered $5.3 billion in inflows over the last three days. Offsetting hedge fund shorts, on the other hand, rose merely by $1.2 billion. As per Kendrick's analysis, large-scale accumulation of BTC by major investors like Strategy (Nasdaq: MSTR) continues to sow confidence in the asset despite the ongoing macro-economic fluctuations — leading to net real flows exceeding $4 billion. Kendrick has reaffirmed his bullish stance on BTC, saying, “We expect these supportive factors to push BTC to a fresh all-time high around $120,000 in Q2." As of today, Bitcoin is flirting around the $100,000 mark, showcasing a strong rebound from its April lows around $76,000. Earlier in April, Standard Chartered had also estimated that the stablecoin market may hit the valuation of $2 trillion within the next three years. The bank believe that US legislation on stablecoins and cryptocurrencies will play a crucial role in expanding the integration of digital assets with traditional financial ecosystems.