In a notable shift in sentiment towards cryptocurrency, Standard Chartered’s Global Head of Digital Assets Research posits that Bitcoin may soon achieve a new all-time high, potentially reaching as high as $135,000. Analyst Geoff Kendrick emphasized in a recent research note that Bitcoin’s price trajectory has diverged from historical patterns observed after past halving events, specifically indicating a departure from the typical price decline occurring 18 months post-halving.
As Bitcoin’s price surged above $121,000 recently, it appeared to conform to a seasonal trend referred to as “Uptober.” On early Friday, Bitcoin was trading around $120,420, reflecting a 1.3% increase from the previous day. Kendrick noted that rather than following the anticipated downtrend this time, Bitcoin is fortified by other significant factors impacting its market performance.
One of the key influences identified by Kendrick is the current economic climate, particularly the implications of the U.S. government shutdown. He drew a contrast between the present situation and the previous government shutdown from late December 2018 to late January 2019, arguing that Bitcoin’s market dynamics are markedly different now. During this period, the asset’s response was muted, which is not expected to be the case now, as Bitcoin’s performance has shown a close correlation with “U.S. government risks,” particularly concerning the U.S. treasury term premium.
Further reinforcing the bullish outlook, data from Myriad, a prediction market associated with DASTAN, revealed that nearly half of its users—49%—believe Bitcoin will remain above $120,000 by October 15. This figure represents a significant rise from just two days prior when only 20% of users expressed a similar expectation.
Kendrick’s research also highlights an anticipated uptick in institutional demand for Bitcoin as the year progresses. He reported that net inflows into Bitcoin exchange-traded funds (ETFs) have reached $58 billion this year, with $23 billion of that occurring in 2025 alone. He forecasts an additional $20 billion in net inflows by year-end, which he suggests could support a price target of $200,000 for Bitcoin by the conclusion of 2025.
In summary, the cryptocurrency landscape is witnessing heightened optimism, fueled by a combination of seasonal trends and evolving market dynamics, drawing increased interest from institutional investors and reshaping expectations for Bitcoin’s price trajectory in the near future.
