Geoff Kendrick, the bank’s head of digital assets research, believes the market is primed for another surge, with a potential push toward $135,000 in the near term.
He also stood by his earlier projection that Bitcoin could close out 2025 at $200,000 — a target that once seemed ambitious but now looks increasingly plausible.
The confidence is built on several factors: the flow of institutional money through ETFs, the pace of adoption, and a steady wave of bullish sentiment despite macro uncertainty.
Spot Bitcoin ETFs alone have pulled in $58 billion so far, with $23 billion of that entering this year. Kendrick expects another $20 billion to arrive before the year ends, reinforcing his outlook for a record‑breaking rally.
Meanwhile, Bitcoin has already cleared the $120,000 mark, shrugging off volatility around the U.S. government shutdown. Traders are calling October “Uptober” once again, with history suggesting that Q4 often delivers some of the biggest gains for the digital asset.
If the bank’s forecasts prove accurate, Bitcoin could be setting the stage for its most dramatic finish to a year yet.
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