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By the end of 2025, the value of BTC could reach $200,000

According to Jeffrey Kendrick, head of digital asset research at Standard Chartered, bitcoin could reach $120,000 in the second quarter of 2025. In an analytical note published on Thursday, he noted that such a goal looks increasingly achievable given current market conditions.

Kendrick emphasized that the dominant narrative around bitcoin has changed again, with the focus now on capital flows. Thus, US spot bitcoin ETFs have attracted $5.3 billion in the last three weeks alone, while hedge funds' short positions have increased by only $1.2 billion. "Thus, the net capital inflow exceeds $4 billion," the expert noted.

Institutional investors also play an important role in the growth of the BTC price. For example, Strategy (formerly known as MicroStrategy) already owns 555,450 BTC, which is approximately 2.6% of the total coin supply. The company is also planning to raise another $84 billion to increase its assets - potentially to more than 6% of the total bitcoin turnover.

In addition, Kendrick points to other factors that support bullish sentiment in the market: the outflow of funds from gold ETFs to bitcoin ETFs, rising yields on long-term US bonds, and active purchases by institutions such as the Swiss National Bank and the Bank of Norway.

"Probably my $120,000 forecast for the second quarter is even lower," Kendrick added, hinting that the growth potential is not yet exhausted.

He also noted that new catalysts for the market are emerging in the United States. For instance, New Hampshire was the first state to pass a bill on the creation of a strategic reserve in bitcoin. According to Kendrick, similar initiatives can quickly spread to other states.

By the end of 2025, the value of BTC could reach $200,000

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