Robust institutional demand and evolving U.S. policy frameworks are driving forecasts for bitcoin to achieve all-time highs in the second half of 2025. Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered Bank, stated in a July 2 report that bitcoin could reach $135,000 by the end of Q3 and rise further to $200,000 by the end of the year. He affirmed the bank’s projections:

We continue to see BTC rising to around USD 135,000 by end-Q3 and to USD 200,000 by end-Q4.

The report, released as part of a digital assets research update, attributes the anticipated growth to a surge in exchange-traded fund (ETF) inflows and expanding corporate treasury allocations, surpassing the 245,000 BTC purchased in the second quarter. Kendrick also cited two upcoming macroeconomic and regulatory events as key influences: the potential early departure of Federal Reserve Chair Jerome Powell and the likely enactment of a U.S. stablecoin regulatory bill. Both developments are expected to create a more favorable environment for digital assets.

The Standard Chartered Head of Digital Assets Research outlined the basis for the bank’s outlook, stating:

We expect bitcoin ( BTC) to print new all-time highs in H2, buoyed by growing ETF and corporate treasury flows, as well as U.S. policy and regulatory developments.

The analysis suggests bitcoin has moved beyond the traditional post-halving price decline pattern, historically observed about 18 months after a halving event. According to Standard Chartered, increased institutional interest and clearer regulatory guidance have shifted this dynamic. Skeptics warn of potential overheating following bitcoin’s strong performance earlier in 2025. However, supporters contend that the asset’s current momentum stems from foundational changes, including institutional adoption and evolving policy, rather than speculative retail behavior. In May, Kendrick apologized for his $120K bitcoin price prediction, stating that it may be too low.

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