Catenaa, Tuesday, April 29, 2025-Bitcoin could surge to a new all-time high of $120,000 as early as the second quarter, driven by rising institutional demand and a strategic shift away from US-denominated assets, according to Standard Chartered’s head of digital asset research.
Geoffrey Kendrick, who leads digital assets research at the bank, said in a note Monday that market conditions are aligning in favor of a breakout.
“We expect these supportive factors to push BTC to a fresh all-time high around USD 120,000 in Q2,” he wrote.
Kendrick cited multiple catalysts, including the highest US Treasury term premiums in over a decade and increasing Bitcoin accumulation by large holders, often referred to as “whales.”
Recent capital flows into spot Bitcoin exchange-traded funds suggest investors are reallocating funds from traditional safe-haven assets like gold into crypto, he said.
The report also points to time-of-day trading patterns that imply US-based investors may be exiting domestic markets in favor of alternatives like Bitcoin.
Kendrick also suggested such patterns indicate a broader risk-off strategy among institutional players.
Standard Chartered reiterated its year-end price target of $200,000 for Bitcoin, calling a second-quarter rally the likely trigger for broader market upside.
