Bitcoin is poised for its strongest dollar rally in history during the second half of 2025, according to Standard Chartered’s latest market outlook.
The bank projects that a confluence of accelerating ETF inflows, rising corporate treasury allocations, and an increasingly supportive policy environment will drive Bitcoin to $135,000 by the end of Q3—and as high as $200,000 by December 31.
Geoffrey Kendrick, Standard Chartered’s global head of digital assets research, reaffirmed his bullish forecast to clients this week. With Bitcoin trading at around $107,800 as of Wednesday, the bank’s year-end target implies nearly a doubling in price over the next six months.
In the second quarter of 2025, Bitcoin spot ETFs and corporate buyers added approximately 245,000 BTC to their holdings. Kendrick expects this total to be exceeded in both Q3 and Q4, as more institutions adopt long-term Bitcoin strategies.
He highlighted that companies beyond Strategy—Michael Saylor’s Bitcoin-centric firm—acquired roughly 56,000 BTC last quarter, a significant figure considering Strategy added 69,000 BTC in the same period while holding five times more in reserves.
Kendrick believes this broadening of corporate participation signals that the Bitcoin reserve narrative is spreading beyond its early adopters.
Bitcoin is once again mirroring global liquidity trends—and that could have major implications in the days ahead.
The crypto market is showing signs of cautious optimism. While prices remain elevated, sentiment indicators and trading activity suggest investors are stepping back to reassess risks rather than diving in further.
Citigroup analysts say the key to Bitcoin’s future isn’t mining cycles or halving math—it’s ETF inflows.
Bitcoin may be entering a typical summer correction phase, according to a July 25 report by crypto financial services firm Matrixport.