Standard Chartered Says Fresh Bitcoin All-Time High Is Imminent

By: beincrypto|2025/05/08 19:15:01
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Standard Chartered predicts that Bitcoin will soon reach a new all-time high. The bank believes the $120,000 target in Q2 is becoming increasingly realistic.The bank supports this forecast with several key factors. These include strong accumulation activity by Bitcoin ETFs and major companies in the sector, and the growing institutional adoption of Bitcoin in the US.What Drives Standard Chartered’s $120,000 Bitcoin Prediction for Q2?In an interview with BeInCrypto, Geoff Kendrick, Head of Digital Asset Research at Standard Chartered, said Bitcoin could soon reach a new peak. He attributes this potential surge to inflows into ETFs, Strategy’s (formerly MicroStrategy) investment strategy, and institutional involvement.Kendrick emphasized the role of capital flows in the current bull trend. According to Glassnode data, ETF inflows have returned strongly over the past two weeks. At the same time, Bitcoin has rebounded from $84,000 to $99,000.Bitcoin US Spot ETF Flow. Source: Glassnode.“Bitcoin’s price appreciation is now all about flows, and flows are coming in many forms, as the spot ETFs in the US have seen $5.3 billion of inflows over the past 3 weeks. On my price-adjusted calculation, that has only increased by $1.2 billion over this period, so the net real flow is more than $4 billion,” Kendrick said.Another key factor Kendrick pointed out is Strategy’s ongoing Bitcoin accumulation. Data from BitcoinTreasuries shows that the company has steadily accumulated Bitcoin since late 2024. With the recent price recovery, Strategy’s total holdings have reached a record value of over $53.8 billion.Strategy’s Bitcoin Holdings Over Time. Source: BitcoinTreasuries“They now hold 555,450 Bitcoins, which is 2.6% of all Bitcoins that will ever exist. Their new plan to raise an additional $84 billion to buy more Bitcoin would add another 840,000 Bitcoins. At a $100,000 price, this would increase their holdings to more than 6% of all Bitcoins that will ever exist,” Kendrick added.Kendrick noted that the upcoming 13F filings from ETFs and Strategy will shed more light on investment activities.He also highlighted the increasing involvement of major institutions, including Abu Dhabi’s sovereign wealth fund, the Swiss National Bank, and the Norges Pension Fund. This trend signals the rising acceptance of Bitcoin in traditional portfolios.“At the end of December, Abu Dhabi’s sovereign wealth fund held a small 4,700 Bitcoin-equivalent position in IBIT. I would expect that to have increased, and other long-term buyers to have joined in too. Notably, the Swiss National Bank recently began buying MicroStrategy, alongside the Norges Pension Fund,” he said.It’s not just institutions stepping in. Local governments in the US are also taking action. A recent BeInCrypto report revealed that states like Arizona, New Hampshire, Texas, and Oregon are making significant progress on strategic Bitcoin reserve legislation.“New Hampshire recently became the first US state to pass a Strategic Bitcoin Reserve bill, and I expect other states to follow suit,” he said.Given all these factors, Kendrick remains optimistic about Bitcoin’s price outlook. Still, he admits his forecast might be conservative.“I apologize if my $120,000 Q2 target may be too low,” he concluded.The combination of strong ETF inflows, the Strategy’s aggressive accumulation, growing institutional participation, and supportive local policies in the US is creating a perfect storm for Bitcoin. According to Standard Chartered, a new Bitcoin all-time high isn’t just possible—it may be right around the corner.The post Standard Chartered Says Fresh Bitcoin All-Time High Is Imminent appeared first on BeInCrypto.

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