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Standard Chartered\u2019s Head of Digital Assets, Geoffrey Kendrick, is rethinking his bullish bitcoin<\/a> forecast, and not because he was too optimistic.<\/p>\n \u201cI apologise that my USD120k Q2 target may be too low,\u201d Kendrick said<\/a> Thursday in an email to clients, walking back his earlier prediction that bitcoin would peak around $120,000 in Q2 2025.<\/p>\n Just last month, Kendrick projected a new all-time high for bitcoin by mid-year, driven by \u201ca strategic asset reallocation away from US assets\u201d and accumulation by \u201cwhales\u201d referring to major holders with large positions.\u00a0<\/p>\n But with bitcoin now hovering near $100,000<\/a> and surging more than 3% on the day to $99,293.54, Kendrick admits the rally has moved faster than expected.<\/p>\n \u201cThe dominant story for Bitcoin has changed again,\u201d Kendrick said. \u201cIt was correlation to risk assets \u2026 It then became a way to position for strategic asset reallocation out of US assets. It is now all about flows. And flows are coming in many forms.\u201d<\/p>\n Among those flows: $5.3 billion in inflows to U.S. spot bitcoin ETFs over the last three weeks, according to Kendrick. That kind of activity signals surging institutional interest \u2014 a trend that further strengthens bitcoin\u2019s new role as a macro asset in global portfolios.<\/p>\n