Bitcoin (BTC) could potentially reach a new all-time high of $120,000 in the second quarter of 2025, as forecasted by Standard Chartered’s head of digital assets research, Geoffrey Kendrick. Kendrick believes that several factors are aligning to create a bullish environment for Bitcoin.
Strategic asset reallocations, US investors divesting from domestic assets, Bitcoin whale accumulation, and a shift in flows from gold ETFs to Bitcoin ETFs are some of the key factors driving this potential surge in Bitcoin’s price. Kendrick pointed out that historical price action has shown that anticipating such topside moves is crucial.
One major catalyst for Bitcoin’s expected upswing is a strategic move away from US assets, as indicated by the rising US Treasury term premium, which is closely correlated with Bitcoin price movements. Time-of-day trading patterns suggest that US investors are shifting away from US assets, while on-chain data shows that Bitcoin whales have been steadily accumulating the cryptocurrency.
Additionally, flows out of traditional gold ETFs and into Bitcoin ETFs have started, further supporting the outlook for Bitcoin’s price increase. Currently trading around $94,000, Standard Chartered anticipates these supportive factors to propel Bitcoin to a new all-time high in the second quarter of 2025.
Looking further ahead, Kendrick reaffirmed the bank’s end-2025 price target of $200,000, stating that the indicators aligning now suggest an imminent move higher for Bitcoin. A chart included in the research note highlighted the strong historical correlation between Bitcoin’s price and the US Treasury term premium, indicating that macroeconomic shifts could accelerate Bitcoin’s growth.
In conclusion, Kendrick recommended positioning for an imminent upside move in Bitcoin, supported by institutional inflows and its increasing acceptance as a strategic asset in the face of global financial market uncertainty.
As Bitcoin continues to gain traction and attract institutional interest, the potential for reaching new price milestones like $120,000 and beyond remains strong. It will be interesting to see how these factors play out in the coming months and years as Bitcoin’s value continues to evolve.