Standard Chartered’s Geoff Kendrick suggests Bitcoin may soar to $120,000 in Q2 2024, driven by a capital flight from U.S. assets. Kendrick maintains an ambitious prediction of $200,000 by the end of 2025. With Bitcoin currently at $95,300, key indicators show heightened interest in the cryptocurrency.
Bitcoin is poised for a major upswing, with Standard Chartered’s Geoff Kendrick predicting that the cryptocurrency could reach $120,000 as early as the second quarter of this year. The anticipated rise is largely attributed to investors moving their capital away from U.S. assets, a trend Kendrick argues will be a key driver in this price movement. Notably, Kendrick stands by his more ambitious target of $200,000 for Bitcoin by the end of 2025.
Currently, Bitcoin is trading at approximately $95,300, and Kendrick highlights that the U.S. Treasury term premium—an important indicator linked to Bitcoin’s price—has hit a 12-year high. This, combined with significant accumulation by large investors, also known as “whales,” paints a positive picture for Bitcoin’s future. Additionally, data suggests that American investors are diversifying outwards into non-U.S. assets.
