Markets, Bitcoin, ETFs, Standard Chartered Bank, Analysts, News Strategic allocation away from U.S. belongings is more likely to be the catalyst for transfer to a brand new report.
Strategic allocation away from U.S. belongings by traders might see bitcoin hit a brand new all-time excessive within the second quarter of the 12 months, Standard Chartered’s Geoff Kendrick stated in a report Monday.
Kendrick sees the world’s largest cryptocurrency as reaching $120,000 this quarter as he reiterated his earlier goal of $200,000 by the top of 2025.
Bitcoin was buying and selling round $95,300 at publication time.
Kendrick famous that the U.S. Treasury time period premium, which is carefully correlated to the bitcoin worth, is at a 12-year excessive. Accumulation by whales has additionally been sturdy. In addition, bitcoin time-of-day evaluation means that American traders could also be searching for non-U.S. belongings, he stated.
Lastly, exchange-traded fund (ETF) flows within the final week counsel “safe-haven reallocation from gold into BTC,” wrote Kendrick.
“Bitcoin may be a better hedge than gold against financial system risks,” he added.
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