While financial markets waver under the weight of monetary uncertainties and political tensions, a bold projection revives the debate. Bitcoin could reach $135,000, according to Standard Chartered. In a recent note, the British bank disrupts established scenarios by stating that the current market dynamics invalidate historical post-halving patterns. This change of tone, coming from a major player in traditional finance, revitalizes bullish expectations as BTC enters a new phase of acceleration.
In a shared note, Geoff Kendrick, global head of crypto research at Standard Chartered, questions one of the most entrenched cyclical patterns in crypto market analysis: the drop in bitcoin prices 18 months after a halving.
“Bitcoin has departed from a pattern that, until now, saw prices fall 18 months after the halving”, he observes. However, this cycle should have, according to this logic, triggered a notable retreat by this year’s end, following the April 2024 halving. This is evidently not the case. Bitcoin remains strong, even accelerating, breaking through the $120,000 mark this week.
This dynamic seems to confirm that the crypto market is escaping its old structural benchmarks. To support this idea, several factual elements reinforce the thesis of a new post-halving paradigm :
Kendrick points out that this trajectory is unprecedented compared to the post-halving cycle observed in 2018-2019, where the market remained inert despite a U.S. government shutdown similar to the current one.
Beyond cyclical considerations, Standard Chartered highlights a fundamental element in the current bitcoin rise: institutional demand. In his note, Geoff Kendrick specifies that net inflows into Bitcoin ETFs now reach $58 billion, including $23 billion generated in 2025 alone.
He states : “I anticipate at least an additional $20 billion by year-end, an amount that would make my forecast of $200,000 for bitcoin at that deadline possible”. The analyst thus suggests that the current dynamic could not only lead to a peak of $135,000 but potentially to $200,000 by the end of the year, should the flows continue.
Looking ahead, several implications can be considered. First, this rise in institutional participants could contribute to reducing bitcoin’s historical volatility while increasing its correlation with global macroeconomic indicators. Next, the increase in flows toward ETFs fuels a form of financial legitimization of BTC, likely to attract capital still on the fringes of the crypto market in this thrilling year-end.
