The cryptocurrency market has begun to recover since last week, and Bitcoin has recently briefly surpassed the $95,000 mark multiple times, currently standing at $95,329, with price performance remaining quite strong.

Standard Chartered: Bitcoin will welcome a new round of price increase.

The market is currently highly focused on whether Bitcoin can break through the current resistance and challenge $100,000 again, or even achieve a new historical high.

In this context, Standard Chartered's Global Digital Asset Research Director Geoffrey Kendrick predicted in a recent report released on Monday (28th) that Bitcoin is about to usher in the next wave of price increase.

He presented several indicators supporting this judgment: first, the U.S. Treasury term premium (which is highly correlated with Bitcoin prices) has reached a 12-year high, possibly suggesting bullish sentiment for Bitcoin; second, trading session analysis shows that U.S. investors are actively seeking non-U.S. assets, particularly noticeable since Trump previously announced a 90-day tariff grace period for all countries except China.

Additionally, Asian investors have begun buying Bitcoin, further reinforcing the upward momentum. Meanwhile, 'whale' investors holding over 1,000 Bitcoins continue to accumulate even during market downturns, consistent with whale buying behavior during past significant market trends; finally, ETF fund flow data from the past week shows that investors are shifting from gold to Bitcoin, highlighting Bitcoin's appeal as a safe-haven asset.

Kendrick further pointed out that Bitcoin's primary role in investment portfolios is as a hedge against risks in the existing financial system, and he believes Bitcoin is more effective than gold in this regard. He stated that Bitcoin's decentralized nature allows it to perform better in response to financial system risks, while gold is more suitable for combating geopolitical risks.

Based on the above analysis, Kendrick is extremely optimistic about Bitcoin's price performance. He predicts that Bitcoin will reach a historical high of $120,000 in the second quarter of 2025 and maintains the bullish view that Bitcoin will surge to $200,000 by the end of 2025. He emphasized that the upcoming U.S. 13F holdings report to be released in mid-May may show long-term buying by pension funds and sovereign wealth funds, along with the potential expectation of U.S. stablecoin legislation passing, which could extend Bitcoin's upward momentum into the summer.

Bernstein: Corporate accumulation and ETF supply squeeze will drive Bitcoin higher.

In response to Standard Chartered's optimistic forecast, Bernstein also has a positive outlook on Bitcoin's subsequent performance. Bernstein analysts noted that the exhaustion of retail selling pressure, the expansion of corporate accumulation competition, and the influx of Bitcoin ETF funds are driving 'supply squeeze,' which could push Bitcoin to set a new historical high.

Bernstein analysts reiterated their prediction that Bitcoin will reach around $200,000 by the end of 2025, $500,000 by the end of 2029, and $1,000,000 by the end of 2033.

In the long term, we believe Bitcoin's fundamentals are driven by its own demand trajectory and its mathematically proven fixed supply of 21 million coins. Currently, 19.9 million Bitcoins have been mined, and nearly 95% of the remaining 1.1 million will be mined within the next 10 years. Given the current supply-demand dynamics, we find it difficult to hold a pessimistic view on this asset.