British multinational bank Standard Chartered encourages investors to buy Bitcoin now, projecting BTC’s surge to a new all-time high of $120,000 this quarter.
Standard Chartered’s head of global digital assets, Geoffrey Kendrick, made the bullish forecast today in an emailed report.
Factors to Drive Bitcoin’s Price to $120K
According to Kendrick, several on-chain and macro signals suggest that Bitcoin could reach a target price of $120,000 in Q2 2025.
Rising US Treasury Term Premium
The report highlighted the rise of the U.S. treasury term premium as one factor that could push Bitcoin’s price to the $120,000 target. It indicated that the treasury term premium, which strongly correlates with Bitcoin, recently reached a 12-year high.
Given the surge in the treasury premium, investors may channel capital to high-return assets like Bitcoin, potentially driving BTC to the $120,000 target.
Americans Shift from Non-US Assets
Kendrick’s analysis of trading flow patterns suggests that U.S. investors are moving away from dollar-based securities and into non-U.S. assets, particularly Bitcoin. He adds that Asian investors are following suit.
The expert noted that several investors, especially those from the U.S., embarked on a Bitcoin accumulation spree after President Donald Trump temporarily suspended his tariff hike for all countries except China earlier this month. Kendrick emphasized that the tariff reprieve helped Bitcoin outperform other financial instruments, including tech stocks.
Increased Whale Accumulation
In addition, the analyst highlighted the increased accumulation of BTC among whale investors, particularly those holding more than 1,000 Bitcoins, as another factor fueling his optimism for a surge to the $120,000 target.
Kendrick opined that these whale investors have been buying Bitcoin through the tariff-led decline and BTC’s subsequent recovery.
ETF Flows Show Growing Confidence in Bitcoin Over Gold
Lastly, he mentioned how ETF flows in the past week show investors reallocating capital from gold funds to Bitcoin. This reallocation reinforces the notion that Bitcoin is a better hedge against economic uncertainties.
Based on these factors, Kendrick expects Bitcoin to clinch a target of $120,000 in Q2 2025, representing an increase of 26.9% from the current price of $94,560. It also marks a surge of 9.97% from Bitcoin’s all-time high of $109,114, recorded on January 20.
Meanwhile, the Standard Chartered expert did not change his end-of-year target for Bitcoin, which he initially set at $200,000. Should Bitcoin clinch the $120,000 target, Kendrick expects the premier asset to continue its rally to lofty heights through the summer of 2025.
With Bitcoin expected to hit $120,000 this quarter, Kendrick acknowledged the difficulty in accurately identifying BTC’s breakouts. Therefore, he suggested that ‘now’ is the ideal time to buy BTC before its next leg up.
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