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Bitcoin broke through the $100,000 mark early on Thursday, its highest level since February, and now sits just 8% below its all-time high, according to TradingView.

As bullish momentum continues to build up, Geoffrey Kendrick, Standard Chartered’s head of digital assets, has updated its Q2 price target for Bitcoin.

In an email to clients on Thursday, he apologized for previously predicting that Bitcoin would top out at $120,000, now admitting that the target may have been far too low.

In an April report, Kendrick predicted that Bitcoin could reach a new all-time high of $120,000 in the second quarter. The analyst also maintained a $200,000 Bitcoin price target by year-end.

His forecast was based on several supportive factors, including strategic reallocation away from US assets, strong whale accumulations, institutional flows, and regulatory tailwinds.

Kendrick now sees his early price call as “very achievable” as market conditions have shifted again.

First, Bitcoin was seen as correlated with risk assets like tech stocks, the analyst said. Then, it became a hedge or strategic play against US assets. Now, it’s about money flowing into Bitcoin, and they are coming from various sources.

Bitcoin’s rally started on Wednesday night as the digital asset surged past $98,000, driven by optimism about upcoming US-China trade talks and rising institutional interest.

This bullish trend picked up after Arizona’s governor unexpectedly signed a Bitcoin reserve bill into law on Wednesday, just days after vetoing separate crypto legislation. The signing came after New Hampshire made history as the first US state to pass a Bitcoin reserve bill.

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