Strategic allocation away from U.S. property by buyers may see bitcoin hit a brand new all-time excessive within the second quarter of the yr, Normal Chartered’s Geoff Kendrick mentioned in a report Monday.
Kendrick sees the world’s largest cryptocurrency as reaching $120,000 this quarter as he reiterated his earlier goal of $200,000 by the tip of 2025.
Bitcoin was buying and selling round $95,300 at publication time.
Kendrick famous that the U.S. Treasury time period premium, which is carefully correlated to the bitcoin value, is at a 12-year excessive. Accumulation by whales has additionally been robust. As well as, bitcoin time-of-day evaluation means that American buyers could also be in search of non-U.S. property, he mentioned.
Lastly, exchange-traded fund (ETF) flows within the final week recommend “safe-haven reallocation from gold into BTC,” wrote Kendrick.
“Bitcoin may be a better hedge than gold against financial system risks,” he added.
Learn extra: Tariffs, Commerce Tensions Could Be Constructive for Bitcoin Adoption in Medium Time period: Grayscale
