He wrote:
“I apologise that my USD120k Q2 target may be too low.”
Based on CryptoSlate data, Bitcoin was trading at $101,751, up 5.66% over the past 24 hours.
Kendrick said the narrative around Bitcoin has shifted dramatically in recent months, and the flagship crypto, which was once seen primarily as a risk asset, is increasingly viewed as a strategic reserve asset.
Kendrick added that the inflows represent a significant surge in demand that could push prices higher in the coming weeks.
Meanwhile, sovereign wealth funds and central banks are beginning to follow suit. Kendrick cited Abu Dhabi’s 4,700 BTC-equivalent position in IBIT as of late December and noted that additional long-term buyers have likely joined since then.
He also highlighted recent activity from the Swiss National Bank and Norway’s Norges Bank, both of which have initiated positions in MSTR.
With more institutional disclosures expected next week via 13F filings, Kendrick warned that Bitcoin’s trajectory may continue to surprise to the upside.
