{"id":479017,"date":"2025-05-08T21:51:25","date_gmt":"2025-05-08T20:51:25","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=479017"},"modified":"2025-05-08T21:51:25","modified_gmt":"2025-05-08T20:51:25","slug":"stanchart-says-bitcoin-could-exceed-120k-target-for-q2-amid-institutional-sovereign-boom","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/stanchart-says-bitcoin-could-exceed-120k-target-for-q2-amid-institutional-sovereign-boom\/","title":{"rendered":"StanChart says Bitcoin could exceed $120K target for Q2 amid institutional, sovereign boom"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/companies\/standard-chartered\/\">Standard Chartered's<\/a> head of digital assets research, Geoffrey Kendrick, said Bitcoin (<a href=\"https:\/\/cryptoslate.com\/?s=Bitcoin\">BTC<\/a>) appears on track to reach new record highs sooner than expected, driven by mounting institutional inflows and a global shift in asset allocation.<\/p>\n<p>In a May 8 investor note shared with CryptoSlate, Kendrick said he initially projected a $<a href=\"https:\/\/cryptoslate.com\/stanchart-predicts-bitcoin-rally-to-120000-in-q2\/\">120,000 price target<\/a> for the second quarter. However, he now believes that figure may underestimate the market\u2019s momentum.<\/p>\n<p>He wrote:<\/p>\n<blockquote><p>&#8220;I apologise that my USD120k Q2 target may be too low.&#8221;<\/p><\/blockquote>\n<p>Based on CryptoSlate data, Bitcoin was trading at $101,751, up 5.66% over the past 24 hours.<\/p>\n<h2>Shifting narrative leads to flows<\/h2>\n<p>Kendrick said the narrative around Bitcoin has shifted dramatically in recent months, and the flagship crypto, which was once seen primarily as a risk asset, is increasingly viewed as a strategic reserve asset.<\/p>\n<p>He argued that Bitcoin has e<a href=\"https:\/\/cryptoslate.com\/bitcoin-decoupling-from-tech-stocks-indicates-new-geopolitical-use-as-economic-hedge-stanchart\/\">volved into a vehicle for reallocating capital<\/a> out of traditional US equities and into alternative stores of value.\u00a0He emphasized that the rally is now being driven not by speculation, but by flows, particularly from ETFs and long-term institutional buyers.<\/p>\n<p>Kendrick noted that US-listed spot Bitcoin ETFs have <a href=\"https:\/\/cryptoslate.com\/insights\/bitcoin-etfs-bring-in-422-million-led-by-blackrock\/\">taken in $5.3 billion<\/a> in the past three weeks, and after adjusting for basis trades and short hedge positions, the estimated net flows are likely above $4 billion.<\/p>\n<p>Kendrick added that the inflows represent a significant surge in demand that could push prices higher in the coming weeks.<\/p>\n<p>Kendrick also pointed to the growing influence of corporate and sovereign actors in Bitcoin's recent performance. <a href=\"https:\/\/cryptoslate.com\/companies\/microstrategy\/\">Strategy<\/a> has <a href=\"https:\/\/cryptoslate.com\/strategy-achieves-5-8b-in-yearly-bitcoin-gains-raises-btc-yield-target-to-25\/\">increased its Bitcoin holdings<\/a> to 555,450 BTC, or 2.6% of the total supply that will ever exist.<\/p>\n<p>The firm\u2019s plan to raise an additional $84 billion to fund further Bitcoin purchases could bring its total share to <a href=\"https:\/\/cryptoslate.com\/european-bitcoin-treasury-company-launches-20b-bitcoin-strategy\/\">more than 6%<\/a> of total supply.<\/p>\n<h2>Sovereign and state-level adoption<\/h2>\n<p>Meanwhile, sovereign wealth funds and central banks are beginning to follow suit. Kendrick cited Abu Dhabi\u2019s 4,700 BTC-equivalent position in IBIT as of late December and noted that additional long-term buyers have likely joined since then.<\/p>\n<p>He also highlighted recent activity from the Swiss National Bank and Norway\u2019s Norges Bank, both of which have initiated positions in MSTR.<\/p>\n<p>On the policy front, Kendrick flagged New Hampshire\u2019s <a href=\"https:\/\/cryptoslate.com\/new-hampshire-approves-first-state-level-strategic-bitcoin-reserve-law\/\">newly passed<\/a> Strategic Bitcoin Reserve bill as a potential tipping point for US state-level adoption. He expects other states to introduce similar legislation aimed at incorporating Bitcoin into their treasury strategies.<\/p>\n<p>As of May 8, Arizona also <a href=\"https:\/\/cryptoslate.com\/arizona-and-oregon-embrace-bitcoin-in-sweeping-new-laws\/\">fully passed legislation<\/a> establishing a Bitcoin reserve fund, while Texas is on the cusp of approval. Roughly 11 other states are also in the process of making decisions on similar bills.<\/p>\n<p>With more institutional disclosures expected next week via 13F filings, Kendrick warned that Bitcoin\u2019s trajectory may continue to surprise to the upside.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Standard Chartered&#8217;s head of digital assets research, Geoffrey Kendrick, said Bitcoin (BTC) appears on track to reach new record highs sooner than expected, driven by mounting institutional inflows and a global shift in asset allocation. In a May 8 investor note shared with CryptoSlate, Kendrick said he initially projected a $120,000 price target for the [&hellip;]<\/p>\n","protected":false},"author":1250,"featured_media":478977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,120,1,77968,15323],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>StanChart says Bitcoin could exceed $120K target for Q2 amid institutional, sovereign boom<\/title>\n<meta name=\"description\" content=\"Institutional inflows and Bitcoin&#039;s evolution as a strategic asset fuel anticipation for new record highs, according to Standard Chartered.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/stanchart-says-bitcoin-could-exceed-120k-target-for-q2-amid-institutional-sovereign-boom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"StanChart says Bitcoin could exceed $120K target for Q2 amid institutional, sovereign boom\" \/>\n<meta property=\"og:description\" content=\"Institutional inflows and Bitcoin&#039;s evolution as a strategic asset fuel anticipation for new record highs, according to Standard Chartered.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/stanchart-says-bitcoin-could-exceed-120k-target-for-q2-amid-institutional-sovereign-boom\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2025-05-08T20:51:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/05\/bitcoin-breakout.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Assad Jafri\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Assad Jafri\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/stanchart-says-bitcoin-could-exceed-120k-target-for-q2-amid-institutional-sovereign-boom\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/stanchart-says-bitcoin-could-exceed-120k-target-for-q2-amid-institutional-sovereign-boom\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/#person\",\"name\":\"Assad Jafri\",\"url\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg\",\"caption\":\"Assad Jafri\"},\"jobTitle\":\"Former Editor & Reporter\",\"description\":\"AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. 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