Bitcoin could slowly gain a pace and could quickly reach record highs, according to Geoffrey Kendrick, global head of digital asset research at Standard Chartered.
He says that key indicators refer to a good time to buy assets.
According to Kendrick, detailed in a new report sent to the block, the legs are driven by three important factors. The US Treasury period premium collides with a 12-year aggression whale accumulation, and the definition of “safety assets” slowly moves from gold to bitcoin via ETFs.
He also said that US-based investors have been buying more and more Bitcoin since President Donald Trump extended the 90-day tariff on tariffs on all countries except China. After the announcement, Bitcoin surpassed tech stocks and separated them from previous correlations.
Whale investors continue to buy through tariff-driven slump (and recovery) during the collapse of Silicon Valley Bank, the approval of the Bitcoin ETF, and past rally following Trump’s election victory. Interestingly, on April 28, the strategy reported that it had purchased around 15,355 Bitcoin pieces for $1.42 billion.
Kendrick has a long-term price target of $200,000 in 2025, and is hoping to reach the summer as it is hit by the potential US law regarding ETF 13F filing and Stablecoins.
Kendrick argues that Bitcoin is a better hedge against the risks of the financial system than gold, and says that more money has been transferred from gold ETFs to Bitcoin ETFs. While gold is a safer bet on geopolitical uncertainty, he said, “I would argue that Bitcoin is more effective in this regard due to its decentralized nature.”
At the time of pressing, Bitcoin was trading at $95,232.53, up over 1% in the last 24 hours, following Kraken’s price page.