Standard Chartered "Bitcoin could briefly break $135,000… $200,000 by year-end also forecast"

Bitcoin (BTC) has continued its rally amid the effects of the U.S. federal government's shutdown (work stoppage), raising the prospect that it could briefly exceed $135,000.

On the 4th (local time), according to crypto outlet CoinDesk, Standard Chartered said that if ETF (exchange-traded fund) inflows accelerate through the end of the year, Bitcoin could reach $200,000. Geoffrey Kendrick, head of digital asset research at Standard Chartered, analyzed, "Bitcoin has recently risen to around $124,500, putting a record high breakout within reach," and said, "the U.S. government shutdown is acting as a catalyst for the short-term rally."

He explained, "This shutdown is having a greater impact on the market than past ones," adding, "As the correlation between the U.S. Treasury premium (term premium) and Bitcoin prices has increased, government uncertainty is acting as a bullish factor for Bitcoin."

Kendrick also noted the potential for ETF investors' flows to shift from gold to Bitcoin. He said, "Net inflows into spot Bitcoin ETFs this year amount to about $23 billion, with $2.25 billion added just this week," and forecasted, "If an additional $20 billion flows in by year-end, the $200,000 breakout scenario would also be valid."