An analyst from the Banking Giant Standard Chartered is reportedly changing his price forecast for Bitcoin (BTC) and predicts that the crypto king will be even higher than expected.
According to a new report By CNBC, Geoffrey Kendrick, head of digital assets at the company, apologizes for predicting that BTC will reach the price tag of $ 120,000 on the first quarter of this year, and notes that his prediction is still too low.
As Kendrick mentioned last month when he made the prediction, according to CNBC,
“We expect these supporting factors to push BTC to a fresh of all times of around $ 120,000 in Q2. We will see profits going on in the summer and take BTC-usd to our liable forecast of $ 200,000.”
However, Kendrick now says that the flagship digital assets has to rise even higher because money flows in many roads, and notes that BTC has seen $ 5.3 billion in inflow over the past three weeks from prominent institutions, such as the Abu Dhbai sovereine wealth fund, as well as the software company, previously known as micro strategy.
“The dominant story for Bitcoin has changed again. It was [correlated] To risk assets … It then became a way to position for strategic redistribution of assets from the American assets, it is all about flowing now. And streams come in many forms. “
Although Kendrick said that his earlier prediction was too low, he did not specifically make a new one. Bitcoin acts for $ 99,450 at the time of writing, a profit of 2.6% during the last day.
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