Geoffrey Kendrick made this prediction in an April note, citing factors such as risk-aversion toward U.S. assets and accumulation by whales.

A Standard Chartered analyst reportedly apologized for giving a Bitcoin (BTC) price target of $120,000, calling it too low, as the cryptocurrency staged a remarkable recovery over the past month.

Bitcoin prices crossed the $100,000 mark for the first time since early February as President Donald Trump’s tariff policies rocked the equity world.

BTC was hovering at $100,700 at the time of writing, surging more than 34% over the past month.

According to a report by CNBC, Standard Chartered analyst Geoffrey Kendrick said, “I apologize that my USD120k Q2 target may be too low.”

Kendrick made this Bitcoin price prediction in a note in April, citing factors such as investors growing risk-averse toward U.S. assets and whales accumulating the cryptocurrency.

The analyst also noted that these factors could drive Bitcoin prices to $200,000 by the end of 2025.

However, he now thinks that the $120,000 looks “very achievable.”

“It was correlation to risk assets ... It then became a way to position for strategic asset reallocation out of US assets,” he added, explaining the 34% surge in Bitcoin prices over the past month.

He also added that inflows are coming in many forms into Bitcoin, helping drive the cryptocurrency’s price up. He said that Bitcoin spot exchange-traded funds (ETFs) have witnessed inflows of $5.3 billion over the past three weeks.

The most recent surge in Bitcoin prices comes against the backdrop of optimism among investors about the Trump administration's signing trade deals with countries, the first being with the U.K. earlier today.

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