Standard Chartered analyst apologizes for $120,000 bitcoin price call, says target ‘may be too low’
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A Standard Chartered analyst who predicted bitcoin hitting $120,000 by the second quarter now says his price call is “too low.”
“I apologise that my USD120k Q2 target may be too low,” Geoffrey Kendrick, head of digital assets at Standard Chartered, said in a tongue-in-cheek comment shared with clients via email Thursday.
Last month, Kendrick wrote a note saying that he expects bitcoin to reach an all-time high of around $120,000 in the second quarter of 2025 on the back of a “strategic asset reallocation away from US assets” and “accumulation by ‘whales’ (major holders).”
“We expect these supportive factors to push BTC to a fresh all-time high around USD 120,000 in Q2,” Kendrick said at the time. “We see gains continuing through the summer, taking BTC-USD towards our year-end forecast of 200,000.”
On Thursday, Kendrick said his $120,000 bitcoin price call now “looks very achievable” and that this may even be too low a target.
“The dominant story for Bitcoin has changed again,” the Standard Chartered analyst said. “It was correlation to risk assets … It then became a way to position for strategic asset reallocation out of US assets.”
“It is now all about flows. And flows are coming in many forms,” he added.
His comments come as bitcoin once again approaches the $100,000 level. The price of the cryptocurrency was last seen trading up by more than 3% at $99,293.54, according to Coin Metrics. Earlier, it rose as high as $99,897.00.
In recent years, analysts have picked up on a pattern that shows bitcoin trading in a similar way to risk assets such as U.S. technology stocks — the rationale being that increased inflows of more institutional capital into bitcoin makes it more prone to the same market risks equity markets face.
Kendrick — who has long held a bullish position on the cryptocurrency — said that U.S. spot bitcoin exchange-traded funds have seen $5.3 billion of inflows in the past three weeks, suggesting more institutional money is piling in.
He pointed to several examples of large investors allocating part of their portfolios to bitcoin, including software firm MicroStrategy ramping up bitcoin purchases, the Abu Dhbai sovereign wealth fund holding BlackRock’s IBIT bitcoin ETF, and the Swiss National Bank buying shares of MicroStrategy.
MicroStrategy is widely considered a proxy for bitcoin.
Close-up of a hand holding a cellphone displaying the Amazon Pharmacy system, Lafayette, California, September 15, 2021.
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Amazon is expanding its online pharmacy to fill prescription pet medications, the company announced Thursday.
The company said it has added “hundreds of commonly prescribed pet medications” to its U.S. site, ranging from flea and tick solutions to treatments for chronic conditions.
Prescriptions are purchased via Amazon’s storefront and must be approved by a veterinarian. Online pet pharmacy Vetsource will oversee the dispensing and delivery of medications, said Amazon, adding that items are typically delivered within two to six days.
Amazon launched its digital drugstore in 2020 with the added perk of discounts and free delivery for Prime members. The company has been working to speed up prescription shipments over the past year, bringing same-day delivery to a handful of U.S. cities. Last October, Amazon set a goal to make speedy medicine delivery available in nearly half of the U.S. in 2025.
The new pet medication offerings puts Amazon into more direct competition with online pet pharmacy Chewy, as well as Walmart, which offers pet prescription delivery.
Amazon Pharmacy is part of the company’s growing stable of healthcare offerings, which also includes One Medical, the primary care provider it acquired for roughly $3.9 billion in July 2022. Amazon’s online pharmacy was born out of the company’s 2018 acquisition of online pharmacy PillPack.
Whoop member wears the new device.
Courtesy of Whoop
Whoop on Thursday announced two new wearable devices, Whoop 5.0 and Whoop MG, which feature sleeker hardware, a longer battery life and additional in-app health insights.
Both of the company’s new devices are designed for 24/7 wear.
The Whoop 5.0 and Whoop MG support 14 days of battery life, which is around triple the four-to-five-day range offered by Whoop 4.0. The new hardware is also 7% smaller than the previous device, with a processor that’s 60% faster, the company said.
“We’ve taken everything we’ve learned over the past decade and built a platform to help our members perform and live at their peak for longer,” Whoop founder and CEO Will Ahmed said in a release.
The launch marks Whoop’s first major hardware update since 2021, when the company released Whoop 4.0. Whoop said its new devices will help users understand how their daily decisions impact their performance and health outcomes over time, according to a release.
Cost and tiers
There are three annual membership tiers: Whoop One, which costs $199 and includes the Whoop 5.0; Whoop Peak, which costs $239 and includes the Whoop 5.0; and Whoop Life, which costs $359 and includes the Whoop MG. Accessories like additional bands will come at an extra cost.
Whoop 5.0 and Whoop MG memberships and accessories are available for purchase online starting on Thursday.
Whoop’s new membership options.
Whoop
Whoop One members will be able to use their Whoop 5.0 to measure sleep, strain and recovery, as well as the cardiovascular and muscular impact of various workouts. Users can also track their menstrual cycles and pregnancies.
Whoop Peak builds on those core metrics. Members have access to a Health Monitor feature, which provides a quick look at vitals like respiratory rate, heart rate, blood oxygen, and skin temperature. Whoop Peak also supports a real-time stress monitor, where users can see their stress level and complete guided breathing sessions if they’d like to increase relaxation or alertness.
The company also unveiled a feature called Healthspan, which uses nine metrics to calculate adult users’ Whoop Age and Pace of Aging. A user’s Whoop Age compares their physiological age to their actual age, and Pace of Aging assesses how fast or slow someone is aging based on their behavior.
The Healthspan feature is updated every week, and users will get tips about how they can improve their Whoop Age and Pace of Aging in their app. Whoop developed this feature in partnership with the Buck Institute for Research on Aging, the company said.
The most comprehensive membership is Whoop Life, which will give users access to additional medical-grade health features with Whoop MG.
Whoop Life members can record an electrocardiogram, or an ECG, to detect irregular heart rhythms like AFib, high heart rate or low heart rate. Once the reading is complete, they can share a PDF of the recording with their doctor.
The ECG feature has been cleared by the U.S. Food and Drug Administration. It’s not intended for users under 22 years old, or for users with a cardiac pacemaker or other implanted devices. It will be available in the U.S., the UAE and Qatar at launch, with additional countries coming soon.
Whoop Life members can also get daily insights about their blood pressure, including estimated systolic and diastolic ranges. Users will have to log a traditional cuff-reading to act as a baseline to unlock this feature, and it’s not intended for treatment, diagnosis or medical use.
Whoop said Blood Pressure Insights has been in development for several years, and the feature is currently in beta.
Quick takeaways
Ashley Capoot wearing Whoop MG
Ashley Capoot
I got a sneak peek at the Whoop MG, and I’ve been wearing it for the past few days. I can’t speak to what it’s like to wear the device over an extended period, but my initial experience has been largely positive.
From a hardware standpoint, the Whoop MG looks and feels sleeker than the Whoop 4.0, which I tested out in April. The actual sensor is roughly an inch wide, and the band is slightly thinner than that. I’ve found that both the Whoop MG and the Whoop 4.0 are a little hard to take off — you really have to tug on the latch.
The Whoop MG’s setup is very straightforward, and I was up and running on the app in a matter of minutes. With all the new features, there’s a lot of additional data to make sense of, so the app seemed pretty busy to me at first. I felt like I had a better handle on it after a few hours, though, and I haven’t felt pressure to constantly monitor it.
Of the new features, I thought Healthspan was particularly interesting. As a relatively healthy 24-year-old, I noticed I still felt relieved to be “younger” than my age. I’d be curious to see how that feature would change based on my behaviors from week to week.
I also liked the Whoop MG’s detailed sleep tracking and the real-time stress monitor, as stress is something I’ve personally been trying to be more mindful of. I’ve learned that my stress levels really skyrocket while I’m taking public transport, for instance, and adjust accordingly.
After about a dozen tries, I wasn’t able to log a successful ECG reading. I kept getting errors, even after switching wrists and the positioning of my arms. That’s been disappointing, as I’m interested to see my results. The Blood Pressure Insights are neat, and assuming other users can successfully record ECG readings, it’s easy to see the potential benefit. That said, I don’t think I need those features in my daily life yet, so the Whoop Life membership probably wouldn’t be the right pick for me.
I’m not totally sold on the Whoop MG’s aesthetics. I have small hands and wrists, so I always feel like smart devices tend to look clunky on me.
I definitely felt like the Whoop 4.0 was too big for me, but the Whoop MG doesn’t bother me quite as much. That’s just my personal taste, and there are lots of Whoop accessories you can buy to spiff up the device for different occasions.
After just a few days, there’s a lot I can still learn from the Whoop MG, but I feel like I’d personally reach for the Whoop 5.0. The range of membership options helps ensure that users don’t have to break the bank, so I’d feel comfortable recommending Whoop 5.0 and Whoop MG to my friends and family. And for existing Whoop customers who are thinking about an upgrade, the extended battery life alone is worth considering.
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