Bitcoin could soon break above $120,000, according to Standard Chartered’s head of digital assets research, Geoffrey Kendrick.
In a new report, Kendrick said the surge would likely happen in the second quarter, driven by strong institutional buying and a shift away from U.S. assets.
He pointed to several bullish factors: a record-high U.S. Treasury term premium, steady Bitcoin accumulation by whales, and notable ETF inflows moving away from gold into Bitcoin. Trading patterns also suggest U.S. investors ramped up Bitcoin purchases after President Trump’s 90-day tariff reprieve announcement on April 9.
Bitcoin has risen about 13% since early April, currently hovering around $95,500, just below its January all-time high of $108,786. Kendrick emphasized that while timing a breakout is never easy, the market backdrop strongly favors Bitcoin’s next leg higher — and “now” is a good entry point.
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Looking ahead, Kendrick expects momentum to build through the summer, fueled by growing institutional interest, new 13F filings from Bitcoin ETF holders, and potential regulatory support if stablecoin legislation passes.
He also argued that Bitcoin is becoming a more effective hedge against systemic financial risks compared to gold, as investors increasingly view BTC as the better alternative amid economic uncertainty.
Kendrick maintains his $200,000 Bitcoin target for the end of 2025. Outside of Bitcoin, he recently predicted Avalanche (AVAX) could 10x by 2029 and XRP could climb to $12.50 by 2028, while revising Ethereum’s 2025 forecast downward to $4,000.
Alexander Stefanov
