BTC Breaches $112K; Is $120K the Next Stop?

The cryptocurrency has entered uncharted territory, but a Standard Chartered Bank digital assets researcher says this is exactly what he predicted.

Standard Chartered Bank digital assets researcher Geoffrey Kendrick says the cryptocurrency has entered uncharted territory but this is exactly what he predicted.

According to a Thursday report by Standard Chartered, net bitcoin ETF flows now exceed $43 billion according to data from Sosovalue.com.

Institutional BTC purchases continue to grow as well, with Strategy now holding 576,230 BTC which is valued at over $64 billion. Even government entities have joined the bitcoin bandwagon as seen in their 13-F filings which show an increasing allocation towards bitcoin ETFs and BTC proxies such as Strategy stock.

These factors are putting the cryptocurrency on a path to $120K by the summer and much higher by the year end and beyond according to Kendrick and his team.

“Everything is working,” said Kendrick. “My official forecasts for bitcoin are $120K end Q2, $200K end 2025, and $500k end 2028. All are well in hand.”

Bitcoin price breached the $112K mark on Bitstamp this afternoon as it continues to rally towards the $120K target forecasted by Geoffrey Kendrick, head of digital assets research at London-based bank Standard Chartered.

In a recent newsletter, Kendrick and his team at Standard Chartered highlighted three key metrics supporting their projections: spot bitcoin ETF flows, institutional purchases, and the U.S. Treasury premium.

The U.S. Treasury premium, an additional cost foreign investors pay to hold U.S. treasuries versus purchasing U.S. dollars directly, rises with increasing interest rates. As the premium increases so does the price of bitcoin according to Kendrick, which is exactly what has been happening.

According to Sosovalue.com, net bitcoin ETF flows have now surpassed $43 billion.

On the other hand, institutional BTC purchases continue to grow. For instance, Strategy's 13-F filing for the past quarter shows a massive holding of 576,230 BTC, valued at over $64 billion at current prices.

Moreover, government entities' 13-F filings for the past quarter indicate a rising allocation towards bitcoin ETFs and BTC proxies such as Strategy stock.

These factors are putting the cryptocurrency on a path to $120K by the summer and much higher by the year end and beyond according to Kendrick and his team.

“Everything is working,” explained Kendrick. “My official forecasts for bitcoin are $120K end Q2, $200K end 2025, and $500k end 2028. All are well in hand.”

Bitcoin continues to set new all-time highs and is currently trading at $111,462.53, a 4.57% gain on the day and a 7.25% increase over the past week, according to Coinmarketcap data.

The digital asset traded in a wide range today, ranging between $106,220.61 and $111,970.17 according to CMC’s weighted average, breaking past key resistance levels.

Bitcoin’s total market capitalization rose to $2.21 trillion, up 4.74% from the previous day.

Trading volume climbed to $77.93 billion, an 8.40% increase, which indicates strong market engagement. However, BTC dominance slipped slightly by 0.33 percentage points to 64.08%, a sign of increased investor interest in altcoins.

In the derivatives market, bitcoin futures open interest surged 6.78% to $81.05 billion, which suggests traders are willing to take on more leveraged exposure.

According to Coinglass data, bears were once again caught on the wrong side of today’s rally. In the past 24 hours, total bitcoin liquidations reached $4.21 million, with short positions accounting for $4.10 million, while longs saw just $107,220 liquidated. The sharp move upward appears to have left bearish traders scrambling.