Standard Chartered says Bitcoin could hit a new record high of around $120,000 in Q2
Author: Will Canny | Edited by: Stephen Alpher Updated: April 28, 2025, 8:33 PM Published: April 28, 2025, 12:50 PM
In a report on Monday, Standard Chartered’s Jeff Kendrick said a strategic outflow of investors from U.S. assets could help Bitcoin reach a new all-time high in the second quarter.
Kendrick predicts the world’s largest cryptocurrency will reach $120,000 this quarter, while reiterating his previous target of $200,000 by the end of 2025.
At the time of publication, Bitcoin was trading at $95,300.
Kendrick noted that the U.S. Treasury term premium, which is closely tied to the price of Bitcoin, has reached a 12-year high. Whale accumulation has also been significant. Additionally, Bitcoin’s time-of-day analysis suggests that U.S. investors may be looking outside the U.S., he said.
Finally, ETF flows over the past week indicate a “shift from gold to BTC as a safe haven,” Kendrick writes.
“Bitcoin could be a more effective hedge against financial system risks than gold,” he added.
Additional: Tariffs, Trade Tensions May Positively Affect Bitcoin Adoption in the Medium Term: Grayscale
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