British multinational bank Standard Chartered is saying that Bitcoin (BTC) could hit a new all-time high over the coming weeks, according to a new report.

Standard Chartered’s head of digital assets research, Geoffrey Kendrick, sees Bitcoin appreciating by around 26% from the current level and reaching a price of $120,000 before the end of Q2 2025, reports Benzinga Crypto.

In a research note, Kendrick says that growing institutional demand and investors’ desire to shift capital away from US assets are some of the factors that could drive the price of Bitcoin higher over the coming weeks.

Bitcoin is trading at $94,980 at time of writing.

Over the longer term, Standard Chartered is projecting Bitcoin to hit a price of $200,000 by the end of 2025.

A screenshot of the Standard Chartered research note dated April 28th suggests that Kendrick believes Bitcoin offers a better hedge than gold against financial risks presented by the private sector, such as a bank collapse or from the public sector, such as a default on government-issued debt.

“We see the primary purpose of Bitcoin in investor portfolios as a hedge against risks to the existing financial system. Although gold provides a similar hedge against financial system risks, we would argue that Bitcoin is more effective in this regard because of its decentralized nature. Meanwhile, gold is a better hedge against geopolitical risks. Gold is also less correlated to risky assets than Bitcoin is, so it has traded better during this year’s tariff escalation.”

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