Jeffrey Kendrick of Standard Chartered (LON: STAN ) predicts that Bitcoin will reach $120,000 in the second quarter of 2025 and grow to $200,000 by the end of the year.

He cited the strategic redistribution of assets by large investors and the growth in the inflow of funds into spot Bitcoin ETFs as key catalysts for this.

The premium on U.S. Treasuries, which historically closely correlate with Bitcoin price movements , has reached a 12-year high, Kendrick said, suggesting that U.S. investors may be shifting capital out of domestic bonds and into alternative assets like BTC.

The expert also recalled the dynamics of the Bitcoin price in previous cycles, when periods of sideways movement often preceded sharp rises.

Bitcoin is currently trading at $94,500, about seven times higher than its November 2022 low and adding to optimism for an imminent rally.

If the flagship cryptocurrency rises to $120,000 in the second quarter, as Kendrick predicts, it would be a new all-time high that would surpass previous peaks in late 2021 and early 2022. Standard Chartered expects the rally to eventually take Bitcoin to $200,000 by the end of 2025.