Geoff Kendrick from Standard Chartered predicts Bitcoin will hit $120,000 soon, citing economic uncertainty and increased investor interest. Despite a rocky start to the year, he sees potential policy changes and shifts in safe-haven preferences as factors driving this anticipated surge, alongside institutional interest growing.
In a recent note, Standard Chartered analyst Geoff Kendrick boldly claims that Bitcoin is set to reach a staggering $120,000 in the coming quarter. He attributes this surge to several market tailwinds. After a significantly disappointing start to the year, marked by a drop in momentum from January’s peak of $109,000, an uptick is on the horizon, driven by new demand and policy uncertainties.
Kendrick points out that the current climate of economic uncertainty is creating a favourable environment for Bitcoin. Investor wariness over traditional safe havens—like US Treasuries and the dollar—has been heightened due to tariff concerns and growing fears regarding the Federal Reserve’s independence. Kendrick observes that these issues may actually benefit Bitcoin, as some investors may now see it as a preferable alternative to gold amidst these risks.
Additionally, Kendrick notes an influx of money has been flowing into Bitcoin since President Trump’s announcement of a 90-day halt on most reciprocal trade tariffs. He argues that despite both tech stocks and Bitcoin gaining ground, the cryptocurrency has outperformed due to the demand from US investors seeking non-US assets. Following its lowest price earlier this year of around $76,000 in early April, Bitcoin has remarkably jumped by 24% since then.
There’s also buzz surrounding institutional interest, particularly when the 13Fs are filed with the SEC this mid-May. Kendrick believes these filings might indicate increased support for Bitcoin from significant players like pension funds and sovereign wealth funds. With potential stablecoin legislation coming this summer, the crypto market could very well see more valuations rising as it steadily integrates into traditional finance.
In this optimistic perspective, Kendrick maintains a year-end forecast of $200,000 for Bitcoin, suggesting that if current trends persist, reaching a new all-time high could be attainable as early as Q2, with additional gains likely over the summer months.
