Standard Chartered Sees Bitcoin at $135K in Q3

Standard Chartered forecasts Bitcoin will hit $135,000 by the end of Q3 and $200,000 by year-end 2025, driven by strong ETF and corporate buying that offset historical halving cycle trends.

Standard Chartered raises bullish Bitcoin forecast

Global banking giant Standard Chartered released a new report predicting Bitcoin could reach fresh all-time highs of $135,000 by the end of the third quarter. According to Geoff Kendrick, head of digital asset research at the bank, BTC could surpass $200,000 by year-end 2025. The forecast is based on growing corporate treasury demand and robust inflows into Bitcoin ETFs.

Halving cycle impact fading for Bitcoin prices

In his analysis, Kendrick argued that while Bitcoin historically declined around 18 months after each halving, the pattern no longer holds true. He noted that the April 2024 halving has not triggered price corrections, thanks to institutional interest. Standard Chartered expects prices to keep rising, supported by continued strong ETF inflows and corporate Bitcoin purchases. The bank reiterated its long-term target of $500,000 per BTC by 2028.

Some volatility expected, but bullish trend intact

While acknowledging potential price fluctuations in late Q3 or early Q4, Kendrick maintained an overall bullish outlook. According to the report, combined ETF and corporate treasury buying totaled 245,000 BTC in Q2 2025. Standard Chartered expects this level to be exceeded in both Q3 and Q4, reinforcing upward price momentum despite recent brief ETF outflows.