"I believe it is ready, and BTC will set a new all—time high next week, and shortly after that, it will probably reach my forecast for the third quarter of $135,000," Kendrick wrote, adding that the target will be reached "one to two weeks later than predicted."

Standard Chartered sees several factors contributing to price increases in the second half of 2025. "The inflow of funds into ETFs and corporate treasury purchases of BTC in the second and third quarters will exceed the level of the second quarter (245 thousand BTC)," the bank said, noting that the development of US policy may provide additional impetus.

Kendrick singled out as catalysts "the potential announcement by President Trump of the early replacement of Fed Chairman Powell and the adoption of the US bill on stablecoins."

The analyst also claims that the traditional bitcoin halving cycle is no longer applicable.

"Due to the increase in investment flows, we believe that BTC has moved beyond the previous dynamics, when prices fell 18 months after the halving cycle," he said, pointing to the April 2024 event, which in previous cycles would have implied weakness at the end of 2025.

Instead, Standard Chartered expects uneven trading at the beginning of the fourth quarter, but predicts a resumption of growth.

Kendrick also pointed to the ongoing U.S. government shutdown as a short-term driver, noting bitcoin's correlation with treasury bond premiums and stating: "I assume that bitcoin will grow throughout the shutdown."

Standard Chartered maintains its year-end forecast for bitcoin at $200,000, calling the second half of 2025 "the best period for bitcoin ever (in terms of growth in US dollars)."