Standard Chartered’s Head of Digital Asset Research, Geoffrey Kendrick, has revised his Bitcoin prediction, suggesting that his previous $120,000 target for the second quarter could be too conservative.

In a recent note to clients, Kendrick wrote, "I apologize that my $120,000 Q2 target may be too low," citing growing institutional interest and inflows into U.S.-listed spot Bitcoin exchange-traded funds (ETFs) as primary factors leading to the change in his position.

Bitcoin ETFs in the U.S. have registered $5.3 billion in inflows over the last three days. Offsetting hedge fund shorts, on the other hand, rose merely by $1.2 billion.

As per Kendrick's analysis, large-scale accumulation of BTC by prominent companies like Strategy continues to sow confidence in the asset despite the ongoing macroeconomic fluctuations — leading to net real flows exceeding $4 billion.

Bitcoin's price will hit the $200,000 mark by the end of 2025 and $500,000 by 2038, Kendrick predicted in early February.

As of now, Bitcoin is flirting around the $100,000 mark, showcasing a strong rebound from its April lows around $76,000.

Earlier in April, Standard Chartered had also estimated that the stablecoin market may hit the valuation of $2 trillion within the next three years.

The bank believe that U.S. legislations on stablecoins and cryptocurrencies will play a crucial role in expanding the integration of digital assets with traditional financial ecosystems.

At the time of writing, the valuation of the crypto sector stood at $3.09 trillion. Bitcoin was trading at $99,648.20 at press time, as per Kraken's price feed.