Standard Chartered’s Geoffrey Kendrick is doubling down on a bullish outlook for Bitcoin, forecasting the world’s largest cryptocurrency to surge to $120,000 in the second quarter of 2025 before advancing toward $200,000 by year-end.
In a note published on April 28, Kendrick pointed to several key drivers fueling Bitcoin’s momentum, including strategic asset reallocation away from U.S. assets, increasing Bitcoin accumulation by large holders (commonly referred to as “whales”), and accelerating inflows into Bitcoin exchange-traded funds (ETFs).
One of the notable signals Kendrick highlighted is the U.S. Treasury term premium reaching a 12-year high — a factor that historically correlates closely with Bitcoin’s price movements. A rising term premium suggests that investors may be increasingly moving capital away from U.S. bonds and toward alternative assets like Bitcoin.
Kendrick also referenced Bitcoin’s historical behavior, where prolonged periods of sideways trading often preceded explosive upward price movements. This pattern, coupled with recent trends, reinforces Standard Chartered’s confidence in Bitcoin’s rally potential throughout 2025.
Further boosting sentiment, a consortium of major global banks, including Deutsche Bank and Standard Chartered, has recently explored expanding their cryptocurrency operations within the United States. Their renewed interest comes amid traditional finance’s gradual return to crypto markets following the collapse of FTX and the shutdown of key crypto-friendly banks in 2023.
The banks’ efforts reportedly align with a shifting regulatory landscape, especially after former President Donald Trump pledged to create a more crypto-friendly environment in the U.S.
At the time of writing, Bitcoin is trading around $95,000 — a roughly sevenfold increase from its November 2022 lows. The strong recovery underscores growing optimism that a fresh all-time high is within reach.
Should Kendrick’s projection materialize, Bitcoin would not only break past its previous peaks from late 2021 and early 2022 but also set new historical records by the end of Q2. Standard Chartered anticipates further upside throughout the summer, ultimately targeting a $200,000 valuation by the end of 2025.
As Bitcoin continues to gain legitimacy among institutional investors and traditional banks, Kendrick’s bold prediction adds to the mounting narrative that the cryptocurrency may soon be entering its next major bull cycle.
