Standard Chartered Predicts Bitcoin to Hit $120,000 in Q2
1min read Standard Chartered, a prominent British multinational bank, has forecasted that Bitcoin (BTC) is poised to reach a fresh all-time high of around $120,000 in the second quarter of this year. This prediction is driven by several key factors, including a strategic reallocation of assets away from U.S. assets and growing institutional demand for Bitcoin.
Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, highlighted that the current U.S. Treasury term premiums are at their highest in over a decade. This suggests an increased demand for non-dollar assets, which could further boost Bitcoin's value. Additionally, there has been a notable intensification in whale accumulation of Bitcoin, indicating that large investors are bullish on the cryptocurrency. Recent ETF flows also show a shift in capital from gold into Bitcoin, further supporting the bullish outlook.
Kendrick emphasized that these supportive factors are likely to push Bitcoin to a fresh all-time high around $120,000 in the second quarter. He noted that time-of-day analysis indicates U.S.-based investors may be selling domestic assets in favor of alternatives like Bitcoin. Currently trading near $95,000, Bitcoin has climbed roughly 7x from the cycle lows seen in November 2022.
Standard Chartered maintains its year-end Bitcoin price forecast at $200,000, with Kendrick suggesting that the second quarter breakout could bring that target into sharper focus. He acknowledged that timing the upswing is tricky but believes it is imminent. Historically, Bitcoin has tended to rally sharply before entering extended periods of sideways price action.
The bullish forecast comes amid rising volatility in U.S. financial markets, where concerns over inflation, trade tensions, and geopolitical uncertainty are pushing investors toward non-traditional stores of value. This environment is likely to continue driving demand for Bitcoin, as investors seek to diversify their portfolios and hedge against market risks.
