This week, Bitcoin has experienced a significant surge, gaining approximately 13%. On Friday, the cryptocurrency’s value climbed close to its all-time high of $124,500. You can check the
current Bitcoin price here.
According to Geoffrey Kendrick, the Head of Digital Asset Research at Standard Chartered, if Bitcoin overcomes this level, a swift rise toward $135,000 is possible.
In a research note released on Friday, Kendrick suggests that the current U.S. government shutdown has a more significant impact on the market compared to previous instances, contributing to Bitcoin’s upward trend. He notes that unlike the 2018-2019 shutdown, Bitcoin’s performance is now closely linked to U.S. government risk, as indicated by U.S. Treasury term premiums. This correlation indicates that uncertainty linked to the government shutdown is currently acting as a catalyst for positive Bitcoin movement.
Currently, on the
Polymarket prediction platform, the likelihood of the government shutdown lasting between 10 and 29 days is estimated to be above 60%. Kendrick anticipates that Bitcoin’s value will continue its upward trajectory throughout this period.
Kendrick also addressed a future change in the way ETF investors behave. While gold ETFs have performed strongly recently, due to gold’s rising prices, Bitcoin spot ETF inflows are expected to catch up, giving the cryptocurrency additional support, according to the report.
He mentioned that out of the $58 billion in net inflows into Bitcoin ETFs so far, $23 billion has been recorded in 2025. In the past week alone, these ETFs have attracted more than $2.25 billion, not including Friday’s trading.
Kendrick projects that Bitcoin ETFs could attract an additional $20 billion in investor capital by the end of the year, which is sufficient to maintain his year-end Bitcoin price target of $200,000.