Standard Chartered Bank Analyst Geoffrey Kendrick Predicts Bitcoin’s New Surge
Analyst Geoffrey Kendrick from Standard Chartered Bank predicts that multiple indicators suggest Bitcoin is about to experience a new wave of growth, with optimism for Bitcoin reaching $120,000 in Q2. Meanwhile, Bernstein analysts also point out that the depletion of retail selling pressure, the expansion of corporate accumulation competition, and the influx of funds from Bitcoin ETFs are driving “supply compression,” which could lead Bitcoin to set a new historical high.
(Background: Data shows Bitcoin’s correlation with gold is “converging,” breaking away from U.S. stocks, while digital gold positioning is back in focus.)
(Context: CZ’s live revelation: Is Satoshi Nakamoto an AI from the future? Heated discussions in the Bitcoin community.)
The cryptocurrency market has been recovering since last week, with Bitcoin recently breaking the $95,000 mark multiple times. As of the time of writing, it has reached $95,329, demonstrating strong price performance.
Standard Chartered: Bitcoin is About to Experience a New Surge
The market is currently highly attentive to whether Bitcoin can break through the current resistance and once again challenge $100,000, or even continue to set new historical highs.
In this context, Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, predicted in a recent report released on Monday (28th) that Bitcoin is about to welcome the next wave of price increases.
He presented several indicators supporting this judgment: Firstly, the U.S. Treasury yield curve premium (which is highly correlated with Bitcoin prices) has reached a 12-year high, possibly indicating bullish sentiment for Bitcoin; secondly, trading session analyses show that U.S. investors are actively seeking non-U.S. assets, a trend that has become particularly evident since Trump announced a 90-day tariff grace period for all countries except China.
Additionally, Asian investors have begun to purchase Bitcoin, further strengthening the upward momentum. At the same time, “whale” investors holding over 1,000 Bitcoins are continuing to accumulate even as the market declines, consistent with whale buying behaviors during past significant market movements; finally, ETF fund flows over the past week indicate that investors are shifting from gold to Bitcoin, highlighting Bitcoin’s appeal as a safe-haven asset.
Kendrick further pointed out that Bitcoin’s primary role in investment portfolios is as a hedging tool against risks in the existing financial system. Compared to gold, he believes Bitcoin is more effective. He stated that Bitcoin’s decentralized nature allows it to perform better in addressing financial system risks, while gold is more suitable for countering geopolitical risks.
Based on the above analysis, Kendrick is extremely optimistic about Bitcoin’s price performance, predicting that Bitcoin will reach a historical high of $120,000 by Q2 2025, and maintains his bullish view that Bitcoin could surge to $200,000 by the end of 2025. He emphasized that the upcoming U.S. 13F holdings report to be released in mid-May may show long-term buying from pension funds and sovereign wealth funds, combined with the potential expectation of U.S. stablecoin legislation passing, which could extend Bitcoin’s upward momentum into the summer.
Bernstein: Corporate Accumulation and ETF Supply Compression Will Drive Bitcoin Higher
Echoing Standard Chartered’s optimistic forecast, Bernstein is also bullish on Bitcoin’s future performance. Bernstein analysts indicate that the depletion of retail selling pressure, the expansion of corporate accumulation competition, and the influx of funds from Bitcoin ETFs are driving “supply compression,” which could lead Bitcoin to set a new historical high.
Bernstein analysts reiterated their forecast that Bitcoin will reach approximately $200,000 by the end of 2025, $500,000 by the end of 2029, and $1 million by the end of 2033:
“In the long term, we believe that Bitcoin’s fundamentals are driven by its own demand trajectory and its mathematically proven fixed supply of 21 million coins. Currently, 19.9 million Bitcoins have been mined, with nearly 95% of the remaining 1.1 million expected to be mined in the next 10 years. Given the current supply and demand dynamics, we find it difficult to hold a pessimistic view on this asset.”
Related Reports
On-chain detective warns: $330 million worth of Bitcoin suspected of being stolen and laundered into Monero; XMR surged 50% at one point.
International supermarket Spar: Launching Bitcoin payments at all stores nationwide in Switzerland.
Bitcoin drops below $93,000, focusing this week on the earnings reports of the tech giants, U.S. employment, and the intricate U.S.-China tariff battle.