Bitcoin (CRYPTO: BTC) could surge to a new all-time high of $120,000 in the second quarter, according to Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered.

What Happened: In a note sent to Benzinga, Kendrick highlighted that strategic reallocation away from U.S. assets, combined with growing institutional demand, is likely to propel Bitcoin higher in the coming weeks.

Kendrick wrote in the note that, "we expect these supportive factors to push BTC to a fresh all-time high around USD 120,000 in Q2."

Kendrick pointed to several factors underpinning his bullish outlook: U.S. Treasury term premiums are at their highest in over a decade, suggesting heightened demand for non-dollar assets; whale accumulation of Bitcoin has intensified; and recent ETF flows indicate capital is shifting from gold into Bitcoin.

Also Read: Bitcoin Fundamentally Decoupled From US Tech Stocks, BlackRock’s Jay Jacobs Says

Why t Matters: Time-of-day analysis also shows U.S.-based investors may be selling domestic assets in favor of alternatives like Bitcoin, Kendrick said.

Currently trading near $95,000, Bitcoin has climbed roughly 7x from the cycle lows seen in November 2022.

Standard Chartered maintains its year-end Bitcoin price forecast at $200,000, with Kendrick saying the second quarter breakout could bring that target into sharper focus.

"Timing the upswing is tricky, but we think it is imminent," Kendrick noted, emphasizing that Bitcoin historically tends to rally sharply before entering extended periods of sideways price action.

The bullish forecast comes amid rising volatility in U.S. financial markets, where concerns over inflation, trade tensions and geopolitical uncertainty are pushing investors toward non-traditional stores of value.

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