Bitcoin (BTC) value has powered greater in current weeks, briefly topping $95,000 per coin. The surge has been steep – roughly a 9% achieve previously seven days – setting the stage for bullish Bitcoin value predictions.
In a late-April 2025 report, Normal Chartered’s crypto analysis staff led by Geoff Kendrick now expects Bitcoin to achieve about $120,000 in Q2 2025, and as a lot as $200,000 by the top of the 12 months.
These targets had been reiterated whilst Bitcoin traded round $93,700 on the time, reflecting the financial institution’s conviction that the current rally might proceed into summer season.

Supply: Normal Chartered
Spring has typically been Bitcoin’s strongest season. Knowledge reveals that Bitcoin’s common return in Q2 (April–June) has traditionally been roughly +26.9%), making it the best-performing quarter on common.
Specifically, April has tended to be bullish: one evaluation finds the typical April achieve is about +34.7%. For instance, between 2016 and 2020 Bitcoin’s value rose every April by about 30% on common.
That mentioned, seasonality is just not assured. There have been notable exceptions, resembling April 2022 and April 2024, when Bitcoin fell roughly 15–17%.
Briefly, Bitcoin has closed Q2 in constructive territory most of the time, however merchants be aware that previous patterns might not repeat yearly.
Normal Chartered’s Bitcoin Value Prediction and Observe Document
Normal Chartered’s new targets mark the most recent in a collection of formidable Bitcoin forecasts from the financial institution. In September 2021, Geoffrey Kendrick’s staff predicted Bitcoin would double and “hit $100,000 by early subsequent 12 months” (2022) and will attain $175,000 longer-term.
By April 2023, the financial institution raised its view to $100,000 by end-2024 because the crypto “winter” thawed. A couple of months later (July 2023), Normal Chartered once more lifted its value goal to $120,000 by end-2024.
Every revision has adopted Bitcoin’s robust rallies. Now in April 2025, Kendrick’s be aware initiatives $120,000 in Q2 2025 and $200,000 by year-end 2025, roughly doubling from present ranges.
These evolving targets counsel the financial institution’s outlook has grown extra bullish as Bitcoin’s value and on-chain demand have recovered.
- Sept. 2021: Predicted Bitcoin would attain ~$100,000 by late 2021/early 2022.
- Apr. 2023: Forecast $100,000 by end-2024 as curiosity returned.
- Jul. 2023: Raised 2024 goal to $120,000 in gentle of contemporary beneficial properties.
- Apr. 2025: Targets ~$120,000 in Q2 2025 and $200,000 by end-2025
Every forecast has cited a mixture of market drivers and sentiment shifts. As Bitcoin has already rallied sharply this spring, Normal Chartered now sees that momentum carrying properly into 2025.
Kendrick highlights a number of key elements that might propel Bitcoin towards these lofty targets. A handy approach to see these is as a listing of catalysts:
Geoffrey Kendrick’s Normal Chartered report outlines key drivers poised to push Bitcoin to new heights, significantly concentrating on a $120,000 value in Q2 2025.
The evaluation pinpoints 4 catalysts fueling this optimistic forecast. First, traders are shifting capital away from U.S. shares and bonds towards different property like Bitcoin, a development Kendrick sees triggering a pointy value surge this spring.
Second, the U.S. Treasury time period premium, the additional yield on long-term Treasuries in comparison with short-term debt, sits at a 12-year excessive, a stage traditionally tied to Bitcoin rallies.
Third, important inflows into Bitcoin ETFs, coupled with outflows from gold funds, sign a reallocation from conventional protected havens to crypto, which Kendrick labels a “safe-haven reallocation from gold into BTC,” primarily based on current ETF knowledge.
Lastly, giant Bitcoin holders, or “whales” with over 1,000 BTC, have been steadily shopping for throughout market dips, resembling these tied to tariff information and banking turmoil, lowering obtainable provide and supporting greater costs, based on Kendrick’s findings. These elements collectively underpin Normal Chartered’s daring value prediction.
Collectively, these drivers paint an image of rising demand and constrained provide. They echo factors from different analyses: for instance, a U.S. Treasury time period premium at a 12-year excessive and robust whale shopping for had been amongst elements making Bitcoin seem like a greater hedge than gold.
Bitcoin Value Prediction: Broader Market Context
Bitcoin’s outlook additionally is dependent upon wider macroeconomic situations. On one hand, Bitcoin’s Spring rally has coincided with easing commerce tensions and hopes of decrease rates of interest.
For instance, on April 5, 2025, the White Home introduced a short lived tariff exemption for Mexico and Canada – information that helped danger property and crypto elevate off.
International liquidity stays ample, and main Bitcoin ETFs have been drawing inflows. Bloomberg analyst Eric Balchunas famous that Bitcoin was one of many top-performing property in early 2025, outperforming laggards like U.S. Treasuries.
This means many traders see Bitcoin as a pretty risk-on asset and even an inflation hedge because the 12 months begins.
However, a powerful U.S. greenback or rising Treasury yields might mood the advance. Analysts typically observe {that a} surging greenback makes dollar-priced property like Bitcoin dearer for overseas consumers.
Certainly, in November 2024 the greenback index hit a 13-month excessive (round 107.15) whilst Bitcoin hit new highs close to $99,000.
Some strategists see Bitcoin turning into much less correlated with shares over time, however others warn it stays delicate to international danger sentiment.

BTC/USDT Value Chart| Supply: TradingView
As Singapore-based QCP Capital notes, crypto nonetheless tends to maneuver with equities, saying “crypto stays tightly linked to equities, with value motion reflecting broader financial shifts.”
In follow, which means Fed coverage shifts, commerce information, or sudden drops in liquidity might put the brakes on Bitcoin’s run.
In abstract, Normal Chartered’s Bitcoin value prediction rests on a confluence of constructive elements: an anticipated rotation out of U.S. property, supportive bond-market indicators, heavy whale accumulation and strong ETF inflows.
Historic seasonality additionally gives a constructive backdrop, with Q2 typically a powerful quarter for crypto. Nonetheless, outcomes will hinge on whether or not these drivers outweigh conventional headwinds like greenback power or greater yields.
As at all times, forecasts carry uncertainty. Even so, the financial institution’s evaluation supplies a transparent narrative for why some analysts now see Bitcoin on a steep upward trajectory into 2025.