Bitcoin (BTC) could surge to a new all-time high of $120,000 in the second quarter of 2025, driven by strategic asset reallocation and changes in investment flows, according to new forecasts from Standard Chartered.
In a research note issued on April 28, Geoffrey Kendrick, the bank’s head of digital assets research, said several factors were at the peak of Bitcoin’s bullish environment.
Kendrick said:
“I think we’re building on one of these topside moves now for a number of reasons.”
According to Kendrick, these include the reallocation of strategic assets, the accumulation of US investors selling from domestic assets, Bitcoin Zilla, and the flow from gold ETFs to Bitcoin ETFs.
He said, “historical price action (short topside bursts and subsequent months of sideways price action) suggests that predicting such movements is essential.”
Strategic Real Location
The strategic move from US assets is the main catalyst for Bitcoin’s expected rise, according to the report.
Kendrick highlighted that the US Treasury Department’s upward-term premium, a metric that closely correlates with Bitcoin’s price movement, shows a trend in reallocation that could support Bitcoin.
Additionally, the date and time trading patterns suggest that “US investors themselves are selling from US assets,” while on-chain data shows that Bitcoin Zilla has been steadily accumulating over the past few months.
Kendrick said the trend has begun from traditional gold ETFs to Bitcoin ETFs, adding even more momentum to the outlook.
Bitcoin has currently traded about $94,000 since November 2022, with a cycle of about seven times higher. StandardChartered expects these supportive factors to push Bitcoin to a “fresh all-time high” in the second quarter.
Pass to $200,000 in vision
Looking further, Kendrick reaffirms the lender’s 2025 end price targets, saying:
“Then, my $20 million end forecast.”
The report emphasized that “upward timing is difficult,” but the line-up of indicators now suggests a high level of imminent movement.
The charts included in the research notes show a strong historical correlation between Bitcoin prices and the U.S. Treasury Term Premium, reinforcing the argument that macroeconomic changes can accelerate Bitcoin’s growth.
Kendrick concluded the note with recommendations to position the imminent rise movement in Bitcoin.
Standard Chartered’s bullish stance is as Bitcoin continues to attract institutional influx and wider acceptance as a strategic asset amid the uncertainty of global financial markets.
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