Bitcoin to Hit New All-Time High Around $120K in Q2, Standard Chartered Says

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By Will Canny|Edited by Stephen Alpher

Updated Apr 28, 2025, 3:07 p.m. Published Apr 28, 2025, 12:50 p.m.

Standard Chartered, majority owner of Zodia Custody. (Shutterstock)

Bitcoin could hit a new all-time high in the second quarter of this year, according to Standard Chartered’s Geoff Kendrick.
The move higher is likelly to fueled by investors moving out of U.S. assets.
Kendrick reiterated his previous target of $200,000 by the end of the year.

Strategic allocation away from U.S. assets by investors could see bitcoin hit a new all-time high in the second quarter of the year, Standard Chartered’s Geoff Kendrick said in a report Monday.

Kendrick sees the world’s largest cryptocurrency as reaching $120,000 this quarter as he reiterated his previous target of $200,000 by the end of 2025.

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Bitcoin was trading around $95,300 at publication time.

Kendrick noted that the U.S. Treasury term premium, which is closely correlated to the bitcoin price, is at a 12-year high. Accumulation by whales has also been strong. In addition, bitcoin time-of-day analysis suggests that American investors may be looking for non-U.S. assets, he said.

Lastly, exchange-traded fund (ETF) flows in the last week suggest “safe-haven reallocation from gold into BTC,” wrote Kendrick.

“Bitcoin may be a better hedge than gold against financial system risks,” he added.

Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He’s now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.