Bitcoin to Hit New All-Time High Around $120K in Q2, Standard Chartered Says
Strategic allocation away from U.S. assets is likely to be the catalyst for move to a new record.
What to know:
- 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.
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.
Read more: Tariffs, Trade Tensions May Be Positive for Bitcoin Adoption in Medium Term: Grayscale
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Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
