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Standard Chartered analyst Geoff Kendrick has predicted that the price of Bitcoin is going to reach $200,000 by the end of the year.
He also sees the bellwether coin topping the $135,000 mark in the near futures.
Aiming for new ATH
The prediction comes as Bitcoin continues its relentless "Uptober" surge that has been mainly driven by the ongoing U.S. government shutdown.
At press time, it is trading within striking distance of a new record high at $123,646.
The cryptocurrency's current record high of $124,517 was logged on Aug. 14 on Bitsamp.
Standard Chartered believes that a prolonged shutdown will be bullish for Bitcoin.
Kendrick has noted that Bitcoin has a positive correlation with U.S. Treasury term premiums, which represent the extra yield that comes with holding longer-term bonds. They are currently on the rise due to significant uncertainty caused by the U.S. government shutdown.
Polymarket odds
According to Polymarket bettors, Bitcoin currently has a 7% chance of surpassing $200,000. At the same time, the odds of Bitcoin surpassing $135,000 as early as this October currently stand at 32%.
Meanwhile, there is also a 5% chance of Bitcoin dropping back below $100,000 this October.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team