Key Insights
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Standard Chartered’s Geoff Kendrick projects Bitcoin to hit $120,000 this quarter, citing a shift away from U.S. assets, whale accumulation, and ETF flows moving from gold into Bitcoin.
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Presto’s Peter Chung maintains a $210,000 Bitcoin target by end-2025, describing recent corrections as a healthy foundation for Bitcoin’s mainstream adoption, while reaffirming confidence in Ethereum’s outlook.
LONDON (MarketsXplora) – Bitcoin could reach a new all-time high this quarter as investors increasingly reallocate away from U.S. assets, Standard Chartered analyst Geoff Kendrick said in a report published on Monday.
Kendrick forecast the world’s largest cryptocurrency rising to $120,000 in the second quarter, reiterating his earlier target of $200,000 by the end of 2025. Bitcoin was trading around $95,300 at the time of publication.
The analyst pointed to several factors supporting his bullish view, including a surge in the U.S. Treasury term premium, which he said is closely correlated with Bitcoin’s price and currently sits at a 12-year high. He also noted strong accumulation by large holders, often referred to as “whales,” and time-of-day trading patterns suggesting American investors are increasingly seeking non-U.S. assets.
In addition, Kendrick cited recent exchange-traded fund (ETF) flows indicating a “safe-haven reallocation from gold into BTC,” highlighting a shift in investor behavior amid ongoing market uncertainty.
Bitcoin Rally Could Reach $200,000 by 2025
Peter Chung, head of research at quantitative trading firm Presto, echoed the optimism in an interview with CNBC on April 28. Chung reaffirmed his prediction that Bitcoin will reach $210,000 by the end of 2025, driven by institutional adoption and expanding global liquidity.
Chung acknowledged that Bitcoin’s performance this year has faced unexpected headwinds due to a challenging macroeconomic environment but described recent price corrections as a “healthy” adjustment. He argued that these corrections have strengthened the foundation for Bitcoin’s progression toward becoming a mainstream financial asset.
“In hindsight, I think it was actually a healthy correction which has paved the way for the further re-rating of Bitcoin as a mainstream asset,” Chung said.
He explained that while Bitcoin generally behaves like a high-risk asset influenced by user adoption and network effects, it has occasionally acted as a safe-haven asset during periods of financial instability. He pointed to the 2022 Russia-Ukraine conflict and the 2023 collapse of Silicon Valley Bank as examples when Bitcoin’s behavior mirrored that of traditional safe-haven assets like gold.
“These moments are rare,” Chung said, adding that they tend to occur only when markets question the stability of the U.S. dollar-dominated financial system.
Although Bitcoin has recently lagged behind gold during episodes of market turbulence, Chung suggested it could “catch up” and possibly outperform traditional safe-haven assets by the end of the year.
Chung also reaffirmed Presto’s bullish stance on Ether (ETH), maintaining its valuation model based on the ETH-to-BTC ratio. He expressed confidence in Ethereum’s ongoing network improvements as a supporting factor for its long-term outlook.
Adding to the positive sentiment, Bitwise CEO Hunter Horsley noted in a recent post on X that Bitcoin’s surge to $94,000 has occurred with relatively little retail investor participation. Horsley pointed out that Google search interest in “Bitcoin” remains near long-term lows, suggesting the rally is being driven primarily by institutional investors, financial advisers, corporations, and even nation-states.
“The types of investors buying Bitcoin is expanding,” Horsley said, emphasizing the broader base of market support behind the cryptocurrency’s recent gains.