Key Insights:
- Bitcoin could reach a new all-time high in the second quarter of this year, according to Geoff Kendrick from Standard Chartered.
- This increase is likely influenced by investors reallocating away from U.S. assets.
- Kendrick maintains a target of $200,000 for Bitcoin by the end of 2025.
Strategic movements away from U.S. holdings could push Bitcoin to an impressive $120,000 this quarter, as stated in Kendrick’s latest report. At the time of the report, Bitcoin was trading at around $95,300. Kendrick pointed out that the term premium of the U.S. Treasury, which has shown a close correlation with Bitcoin’s price, is at a 12-year high. Additionally, accumulation by large investors, also known as whales, is robust. He noted that U.S. investors might be increasingly interested in non-U.S. assets.
He also observed that recent ETF flows indicate a shift of funds from gold into Bitcoin, suggesting that Bitcoin could serve as a better hedge against financial instability than gold.
Read more: Tariffs, Trade Tensions May Be Positive for Bitcoin Adoption in Medium Term: Grayscale
