Standard Chartered Backtracks on $120K Bitcoin Forecast—Now Says It ‘May Be Too Conservative’

Another day, another bank eating its crypto words. Standard Chartered just walked back its own $120K Bitcoin price target—with a straight face—admitting the prediction might be ’too low.’ Guess even institutional suits are getting FOMO.

Funny how these forecasts always ratchet upward after the halving pumps the market. Maybe next they’ll tell us water is wet—or that their risk models are about as accurate as a dart-throwing chimp.

Meanwhile, BTC hodlers shrug and stack sats. Banks? Still playing catch-up.

Standard Chartered Calls Previous $120,000 Bitcoin Target ‘Too Low’ Amid Recent Surge

It has been an impressive 30-day stretch for Bitcoin. In that time, the leading crypto has increased by more than 23%, jumping to the $99,000 level. Subsequently, all eyes are on when the asset can once again break through the six-figure mark. There are many who expect such an increase to be imminent.

Its recent performance may be a shock to even the most optimistic analysts. Among them is Standard Chartered, which recently apologized for its $120k Bitcoin target, saying the projection “may be too low.” Indeed, its recent performance has Geoffrey Kendrick second-guessing his forecast for BTC to hit a new all-time high this quarter.

Just last week, Kendrick issued a fresh outlook that expected big things to come from the token. Specifically, he notes that “strategic asset reallocation away from US assets,” combined with “accumulation by ‘whales (major holders),” WOULD see the crypto skyrocket.

“We expect these supportive factors to push BTC to a fresh all-time high around USD 120,000 in Q2,” he said in a note. “We see gains continuing through the summer, taking BTC-USD towards a year-end forecast of 200,000.” Now, all eyes are on what its ramp-up in performance means for its 2025 fate. Could bitcoin eventually outperform even that lofty projection for its yearly high?