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  • Standard Chartered strategist walks back $120K BTC call, admits target might be ‘too low’

    Standard Chartered strategist walks back $120K BTC call, admits target might be ‘too low’

    Standard Chartered strategist walks back $120K bitcoin call

    • Geoffrey Kendrick pointed to several factors driving the bullish momentum.
    • As of Thursday, Bitcoin was trading just shy of the $100,000 mark.
    • Software company MicroStrategy has ramped up its Bitcoin purchases.

    Bitcoin’s relentless rally is prompting some analysts to revise their boldest predictions.

    Standard Chartered’s Geoffrey Kendrick, a well-known Bitcoin bull, has now admitted that his earlier forecast of $120,000 for the world’s largest cryptocurrency might be too conservative.

    In an email shared with clients on Thursday, Kendrick said, “I apologise that my USD120k Q2 target may be too low,” acknowledging the accelerating momentum in Bitcoin’s price.

    As of Thursday, Bitcoin was trading just shy of the $100,000 mark—up over 3% to $99,293, after briefly touching $99,897.

    Kendrick, who heads digital asset research at Standard Chartered, originally predicted last month that Bitcoin would reach a record high of $120,000 in the second quarter of 2025.

    His thesis was built on two major trends: a strategic shift of capital away from US assets and increasing accumulation of bitcoin by institutional “whales”—major holders with large buying power.

    Now, he believes those estimates may underestimate Bitcoin’s real potential.

    “The dominant story for Bitcoin has changed again,” Kendrick noted. “It is now all about flows. And flows are coming in many forms.”

    Kendrick pointed to several factors driving the bullish momentum, including surging institutional investment via US spot Bitcoin ETFs.

    Over the past three weeks alone, Bitcoin ETFs have seen $5.3 billion in inflows, according to his analysis.

    This suggests that mainstream financial players are steadily increasing their exposure to digital assets.

    He also highlighted big-ticket moves by institutional investors.

    Software company MicroStrategy has ramped up its Bitcoin purchases, effectively acting as a proxy stock for Bitcoin exposure.

    Meanwhile, the Abu Dhabi sovereign wealth fund has taken a position in BlackRock’s IBIT bitcoin ETF, and even the Swiss National Bank has reportedly invested in MicroStrategy shares.

    With Bitcoin price predictions now being revised upward and institutional capital flowing in at record levels, Kendrick’s new outlook signals a potentially explosive summer for crypto markets.

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  • Macro strategist says Bitcoin could be in a supercycle

    Macro strategist says Bitcoin could be in a supercycle

    • Bitcoin is outperforming commodities and gold so far in 2023, with BTC showing a 10x outperformance of the precious metal.
    • Mike McGlone, a senior macro strategist at Bloomberg Intelligence, says Bitcoin could be in a new super cycle.
    • He earlier noted BTC above $25,000 demonstrated the cryptocurrency’s divergent strength.

    Mike McGlone, a senior macro strategist at Bloomberg Intelligence, has noted that the crypto sector could be looking at a new super cycle amid bitcoin’s outperformance of commodities.

    According to the analyst, Bitcoin (BTC) is so far beating top performing commodity asset gold in 2023, with BTC up nearly 10x more to suggest the flagship cryptocurrency may be in a super cycle. BTC price is up 79% year-to-date at the time of writing. Comparatiely, gold price has only gained 5.8% YTD, currently poised around $1,942. 

    McGlone shared the outlook in comments shared via Twitter on Tuesday, his view of the market coming as bitcoin price continued to hover above $28,000. 

    “Looking for a super cycle? Bitcoin Outperforms Commodities With Declining Risk – Bitcoin beating gold, the top-performing old-guard commodity in 2023 to March 20, by almost 10x may be indicative of a super cycle happening in the crypto,” the Bloomberg strategist stated.

    Bitcoin’s divergent strength

    According to McGlone, Bitcoin has one advantage over most commodities – its “nascent stage of low and rising adoption” as well as diminishing supply. He observes that BTC shows an elongated upward trajectory in terms of its price when compared to the Bloomberg Commodity Spot Index.

    The outlook is similar across most assets and that despite a bottoming out of the 260-day volatility relative to commodities, Bitcoin is likely to recover vastly versus the asset class as bulls eye new highs.

    As for the latest spike in Bitcoin price, the analyst points to the banking crisis and the issues around fractional reserves. In his view, such concerns are likely to be “shining a light” on Bitcoin’s attributes. On what could happen next for BTC, he opined:

    “Relative strength vs. most assets may portend Bitcoin’s inflection toward global digital collateral and potential to trade more like gold [and] US Treasury bonds. Central banks still tightening despite plunging commodities and a banking crisis adds to severe economic-reset risks.”

    Last week, McGlone pointed to the events in the finance and banking industry as a factor that could aid Bitcoin’s march towards becoming more of a hedge asset. Continuing weakness in the banking ecosystem portended a scenario where the benchmark cryptocurrency eventually trades like gold and US Treasury long bonds.

    Bitcoin’s resilience above $25,000 would be an indicator of its divergent strength, he added.

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