Bitcoin could hit $120,000 in the second quarter of 2025, and by the end of this year, it could surpass the $200,000 level- Kendrick.
BTC has opened a room for further gains and could once again witness an overbought situation. Bitcoin has witnessed a slight decline of 0.15% on April 30 and is trading at $95,120. Before reaching this level, it traded at an intraday high of $95,485. In the last seven days, it is up 1.64% and 16.05% up in the duration of the past month.
The market capitalization stands at $1.88 trillion, and the daily trading volume was 13.92% lower in the past 24 hours and hovered at $24.88 billion. The token marked a liquidation of $40.31 million.
However, the market is still bullish, and about 82% of traders are expecting short-term gains. The sentiment has never been bullish in the past 30 days. The TradingView Technicals (1-day) also suggests a strong buy situation with neutral oscillators and strong buy moving averages.
While shorter-term metrics like the exponential moving average (EMA10) stand at $92,922. Similarly, EMA 50, 100, and 200 stand at $88,111, $88,517, and $88,517, respectively. If the bullish movement continues, BTC could test its first resistance (1-month) at $106,769, followed by its second resistance at $123,256.
BTC to Face an Overbought Situation?
However, if the tables are turned and the bearish momentum continues, the first support level of the same duration is $53,397, followed by its second support level at $36,910. The Relative Strength Index on the daily chart holds at 66, and with that, it has opened a room for further gains and could once again witness an overbought situation.
As per the analysis of Standard Chartered’s Geoff Kendrick, BTC could hit $120,000 in the second quarter of 2025 and by the end of this year it could surpass the $200,000 level. He further added that the U.S. Treasury term premium, which is often correlated with BTC price, is at a 12-year high.
Other than that, we have also witnessed strong accumulation by whales, and the bitcoin time-of-day analysis says that investors in the U.S. may be seeking non-U.S. assets, he added.
