Why a top bitcoin bull says the token is about to notch a fresh record of $120,000

Bitcoin’s downturn to begin the year will pave the way to a fresh rally to tape highs this quarter, according to Requirement Chartered expert Geoff Kendrick.

Kendrick prepares for that the peak token will reach its next record high in the coming months, with tailwinds assisting to press bitcoin to $120,000.

” While timing sharp increases in bitcoin is hard, we believe the existing duration of possible tactical property reallocation far from United States possessions might activate the next such increase,” the worldwide head of digital possessions research study composed on Monday.

” If so, we would anticipate a brand-new all-time high to be reached in Q2 with more gains over the summertime. We preserve our year-end projection of USD 200,000.”

The crypto perma-bull’s remarks provide a positive viewpoint on a possession that’s seen a frustrating efficiency up until now this year. Hope was high that crypto-friendly policies from Washington would move bitcoin to more gains, however it lost momentum after touching $109,000 in January.

Now, Kendrick sees 3 reasons the token is poised to rise.

Financial jitters raise bitcoin’s appeal

Initially, financial unpredictabilities are producing a supporting environment for crypto. Tariff escalations and risks versus Federal Reserve self-reliance have actually decreased financier hunger for conventional safe-haven trades like United States Treasurys and the dollar, as markets grow unclear about interruptions to long-lasting financial and trade standards.

Yet, government-sector dangers typically straight benefit bitcoin, Kendrick stated. A yearly high in the 10-year Treasury’s term premium– or the quantity of settlement financiers require for holding the property– recommends that the token might now reach current gains in gold, Kendrick stated.

” ETF streams for the most recent week recommend that this rotation in between safe-haven possessions is currently underway, with circulations from gold ETFs into Bitcoin ETFs,” he composed. If this continues, it recommends that financiers are starting to see bitcoin as a much better safe-haven than the yellow metal.

Tariff purchasing

2nd, the bank’s analysis reveals that United States financiers have actually been buying bitcoin considering that President Donald Trump revealed a 90-day hold-up of many mutual tasks on April 9.

” Ever since, while both tech stocks and Bitcoin are greater, Bitcoin has actually outshined. The connection breakdown and United States purchasing recommend that United States financiers are looking for non-US possessions,” Kendrick composed.

Bitcoin struck its most affordable rate for 2025 on April 8, trading at around $76,000. It has actually skyrocketed 24% ever since.

On the other hand, bitcoin “whales”– financiers who own more than 1,000 bitcoins– have actually been accumulating tokens amidst the tariff-induced rate downturn, Kendrick included.

More drivers structure

Financiers must likewise enjoy 13Fs submitted with the Securities and Exchange Commission from United States ETFs in mid-May to figure out whether institutional assistance for bitcoin is growing. Kendrick anticipates the most recent filings to show increased purchasing from pension funds and sovereign wealth funds.

On The Other Hand, Trump has actually highlighted the possibility of stablecoin legislation this summertime, a relocation that might offer a fresh increase to the crypto market as it continues to broaden into the mainstream monetary system.