Bitcoin on the rise: Target $135,000

The Rise of Bitcoin Continues

Bitcoin (BTC) has shown a significant increase this week, successfully approaching $124,500. Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered, predicts that the price could quickly reach $135,000.

Impact of the U.S. Government Shutdown

Kendrick noted that the U.S. government's shutdown is playing a more effective role in the markets than in the past. Especially during the 2018-2019 shutdown, the market conditions for Bitcoin were different. Currently, the largest cryptocurrency appears to be closely related to U.S. government risk. This relationship suggests that the uncertainty is providing upward support for Bitcoin this time.

Change in ETF Investor Behavior

It is reported that traders on Polymarket, a prediction marketplace, are giving over 60% probability that the current government shutdown will last 10-29 days. Kendrick forecasts that Bitcoin will continue to rise during this period.

Additionally, he highlighted expected changes in ETF investor behavior. In recent days, gold ETFs have performed better compared to Bitcoin ETFs, while flows into Bitcoin ETFs are expected to accelerate. The report explicitly stated that out of $58 billion in Bitcoin ETF flows, $23 billion is attributed to 2025. This week, $2.25 billion was withdrawn without a Friday session.

Kendrick anticipates that these investment vehicles will attract another $20 billion in investments by the end of the year; this stands out as a factor that keeps the $200,000 year-end Bitcoin price target alive.