Bitcoin has broken past the $100,000 mark for the first time since February, reigniting bullish sentiment across the crypto space and prompting a major analyst to revise his forecast upward.
According to TradingView data, Bitcoin now trades just 8% below its record high, as momentum in the market accelerates. The fresh surge began late Wednesday night when the cryptocurrency crossed $98,000, driven by growing optimism around geopolitical developments and increasing institutional interest.
Standard Chartered Revises Bullish Forecast
Geoffrey Kendrick, head of digital assets research at Standard Chartered, has significantly adjusted his projections for Bitcoin’s performance. In an email to clients on Thursday, Kendrick admitted his earlier call for Bitcoin to top out at $120,000 may have been far too conservative.
In April, Kendrick had set a $120,000 target for Q2 and projected Bitcoin could reach $200,000 by the end of 2024. However, the pace of market developments has led him to acknowledge that even higher prices could now be within reach.
He described his prior target as “very achievable,” noting that the market’s structure has undergone another key shift, making further gains increasingly likely.
A Shift in Bitcoin’s Role and Appeal
Kendrick explained that Bitcoin’s market positioning has evolved. Initially seen as a tech-aligned risk asset, it then transformed into a strategic hedge against US-based financial risk. Now, it’s all about inflows from a variety of sources.
“Now, it’s about money flowing into Bitcoin, and they are coming from various sources,” Kendrick said.
Institutional flows, strong whale accumulation, regulatory tailwinds, and a strategic pivot away from US assets have all contributed to the rally. These forces have laid the groundwork for Bitcoin’s rapid ascent this quarter.
Policy Shifts Boost Sentiment
Another key factor behind the bullish momentum is recent policy action in the United States. Arizona Governor Katie Hobbs signed a Bitcoin reserve bill into law on Wednesday, marking a surprising reversal after she had vetoed separate crypto legislation just days earlier.
This follows New Hampshire’s pioneering move to pass its own Bitcoin reserve bill, signaling growing state-level interest in digital asset adoption and legitimization.
The legal developments have coincided with renewed optimism about US-China trade discussions, which have further improved the risk environment and made Bitcoin increasingly attractive as a non-correlated store of value.
All Eyes on the Next Breakout
With Bitcoin pushing past key psychological levels and analysts like Kendrick revising their projections upward, investors are now watching closely for signs of the next breakout. Should Bitcoin maintain its current momentum, breaching the all-time high and heading toward $200,000 could move from possibility to probability before year-end.