A strategic departure of investors from American assets may lead to Bitcoin reaching a new historical high in the second quarter of the year, Jeff Kendrick of Standard Chartered said in a report on Monday, UNN reports with reference to CoinDesk.
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Kendrick believes that the world's largest cryptocurrency will reach $120,000 this quarter, against the background of confirming the previously announced goal of $200,000 by the end of 2025.
Bitcoin traded around $95,300 at the time of publication.
Kendrick noted that the premium for the term of U.S. Treasury bonds, which is closely correlated with the price of Bitcoin, is at a 12-year high. The accumulation by "whales" has also been strong. In addition, an analysis of Bitcoin by time of day suggests that American investors may be looking for assets outside the U.S., he said.
Finally, exchange-traded fund (ETF) flows last week indicate a "safe haven reallocation from gold to BTC," Kendrick wrote.
"Bitcoin may be a better hedge than gold against financial system risks," he added.