Bitcoin’s Path to a New Record High

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Strategic Shifts May Propel Bitcoin to New Heights

Investors’ strategic reallocation away from U.S. assets could potentially drive Bitcoin to reach unprecedented levels in the second quarter of this year, according to Geoff Kendrick from Standard Chartered. In a report published on Monday, Kendrick forecasts the world’s leading cryptocurrency to soar to $120,000 this quarter, maintaining his earlier prediction of $200,000 by the close of 2025. At the time of the report, Bitcoin was trading at approximately $95,300.

Kendrick highlighted that the U.S. Treasury term premium, a metric closely linked to Bitcoin’s price movements, has reached a 12-year peak. This is coupled with robust accumulation by whale investors. Furthermore, an analysis of Bitcoin trading patterns throughout different times of the day suggests that American investors might be increasingly considering non-U.S. assets for their portfolios.

The recent trends in exchange-traded fund (ETF) flows also point towards a ‘safe-haven’ reallocation from gold to Bitcoin, noted Kendrick. He stated, “Bitcoin may serve as a more effective hedge against financial system risks compared to gold.”

This shift in investor sentiment underscores the evolving perception of Bitcoin as not only a speculative asset but also a potential safeguard in uncertain economic climates.