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Geoffrey Kendrick, head of global crypto asset research at Standard Chartered Bank, said in a client report released on April 22 that although Bitcoin (BTC) has gradually strengthened its "safe haven asset" positioning against the backdrop of rising systemic risks in recent times, its current price has not fully reflected the potential risks of the macro market.
He expects Bitcoin to achieve a strong rebound against the backdrop of increasing macro uncertainty, with a target price of $200,000 by the end of 2025 and a further increase to $500,000 in 2028.
Tightness in the U.S. Treasury market may spread to the crypto market
Kendrick warned that the U.S. bond market is facing significant pressure from political intervention, especially discussions around the potential replacement of Federal Reserve Chairman Powell, and this concern is pushing up the U.S. Treasury term premium to a 12-year high. He pointed out that such political risks could undermine market confidence in the independence of the Federal Reserve, thereby triggering a credibility crisis in the public sector, and such macro events are usually the strongest moments for Bitcoin as a "systemic hedging tool."
"The current market concerns about the independence of the Federal Reserve should be more clearly reflected in the price of Bitcoin."
