Geoffrey Kendrick, the digital assets research leader at Standard Chartered, believes that Bitcoin (BTC) will reach $120,000 in the second quarter, breaking a new record.
While markets are talking about Bitcoin (BTC) preparing for a new rally, Geoffrey Kendrick, head of the digital asset research division at Standard Chartered, drew attention by saying, 'now is the time to buy.' Kendrick claims that a strategic escape from US assets has begun, which will carry Bitcoin prices to new peaks. According to him, many indicators that will push Bitcoin's price upwards have gained strength simultaneously.
According to Kendrick, as the risk premium on US Treasury bonds reaches its highest level in 12 years, the analysis of trading hours shows that US-based investors are clearly turning to assets outside the country. Additionally, investors defined as large whales in the market, holding more than a thousand Bitcoins, continue to increase their BTC accumulation during price fluctuations. This situation, combined with the strong transition of ETF investors from gold to Bitcoin, indicates that upward movement in BTC is inevitable.
Especially the 90-day tax deferral announced by US President Donald Trump on April 9 for countries outside of China has significantly increased Bitcoin purchases. Kendrick states that from this date, the correlation between Bitcoin and Nasdaq and technology stocks has broken, and US investors have turned to Bitcoin as a safe haven. With Asian-centered investors also joining this trend, the journey of Bitcoin to new peaks has gained strength.
While Bitcoin's current price is around $95,500, Kendrick maintains a year-end target of $200,000. The expert believes that especially in the summer months, the rise in Bitcoin will accelerate, and in May, the large purchases of major pension and government funds will be revealed through the 13F reports of US-based ETFs. This situation is expected to support Bitcoin's price.
Bitcoin is ahead of gold
Kendrick emphasizes that the fundamental role of Bitcoin in investment portfolios is a protection against the current financial system, and thanks to its decentralized structure, it is a more effective tool than gold in this regard. The recent shift from gold ETFs to Bitcoin ETFs also indicates that Bitcoin is now perceived as a more reliable protection tool.
Kendrick, one of Standard Chartered's analysts, has previously made bold predictions about the cryptocurrency market. In recent weeks, he set targets of $250 for Avalanche's token AVAX by 2029 and $12.50 for XRP by 2028, while he had lowered his price prediction for Ethereum (ETH) to $4,000 for 2025. He also stated that he expects the stablecoin market to reach $2 trillion by 2028 due to the impact of US regulations.
You can trade Bitcoin, for which Standard Chartered analysts expect a new record this year, on Binance TR.
