Monday, April 28, 2025
Bitcoin will reach a new all-time high of around $120,000 in the second quarter, according to Standard Chartered
The strategic asset allocation of U.S. investors could lead Bitcoin to reach a new all-time high in the second quarter of the year, said Geoff Kendrick of Standard Chartered in a report on Monday.
Kendrick expects the world's largest cryptocurrency to hit $120,000 this quarter and reiterated his previous target of $200,000 by the end of 2025.
Bitcoin was trading around $95,300 at the time of publication.
Kendrick noted that the term premium on U.S. Treasury bonds, closely related to the price of Bitcoin, is at its highest level in 12 years. Whale accumulation of bonds has also been strong. Furthermore, the hourly analysis of Bitcoin suggests that U.S. investors may be looking for non-U.S. assets, he stated.
Finally, the ETF fund flows from the last week suggest a "reallocation of safe haven from gold to BTC," Kendrick wrote.