Bitcoin Surges Past $123k on Bullish Standard Chartered Forecast
The bank projects a near-term price target of $135,000 for Bitcoin, citing heavy ETF inflows and a break from historical post-halving patterns.
Bitcoin (BTC) surged over 3% to clear the $123,000 level on Friday, fueled by a bullish report from Standard Chartered that forecasts a near-term price target of $135,000. The optimism is largely driven by , which the bank believes has fundamentally altered the cryptocurrency's trading dynamics.
In a note to clients, Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered, highlighted that Bitcoin is deviating from its typical post-halving trading pattern. Historically, Bitcoin's price has tended to weaken around 18 months after its 'halving' event, a scheduled reduction in the rate at which new coins are created. However, Kendrick argues that rising institutional flows and supportive U.S. fiscal dynamics are providing a stronger foundation for the current cycle. that institutional adoption is reshaping the market and setting the stage for new all-time highs.
The market has seen a staggering $58 billion in net Bitcoin ETF inflows this year, with $23 billion of that coming in 2025 alone. Standard Chartered projects at least another $20 billion in ETF inflows by the end of the year, a factor that underpins their confidence in both the near-term $135,000 target and a longer-term projection of $200,000. This influx of institutional capital is seen as a key catalyst, providing a steady stream of demand that can absorb selling pressure and fuel further price appreciation.
From a technical perspective, Bitcoin's recent rally has seen it break through several key resistance levels. The cryptocurrency has rebounded strongly from the $107,000–$111,000 range and is now testing the 0.786 Fibonacci retracement level at $120,853. A sustained close above this level could open the door to further gains, with traders eyeing targets of $124,500 and $128,000. On-chain data supports this bullish sentiment, with approximately $248 million in outflows observed on Thursday. This indicates that traders are moving coins into custody, a move that can amplify rallies when demand remains strong. The daily Relative Strength Index (RSI) is currently at 67, signaling strong momentum, although it is approaching overbought territory.
While the outlook remains positive, some analysts caution that a failure to hold the $121,000 level could trigger a pullback towards support at $117,000. Nevertheless, the combination of strong institutional demand, a supportive macroeconomic backdrop, and a break from historical trends has created a powerful bullish narrative for Bitcoin. , the current environment appears ripe for continued price discovery as Bitcoin cements its role as a mainstream asset class.