Bitcoin Pops Above $103,000 As Standard Chartered Analyst Calls $120,000 Q2 Target ‘Too Low’

The price of Bitcoin (BTC) crossed the psychologically important trading level of $100,000 on Thursday for the first time since February, reflecting renewed bullish sentiment among investors as the U.S. gears up for trade talks with China and prepares to make a trade deal with the UK.

BTC Retakes $101K Level

The world’s largest crypto first zoomed past $100,000 in December as it surged steadily following pro-crypto Donald Trump’s November election win. BTC eventually peaked near $109,000 in the hours before Trump’s inauguration on Jan. 20.

Much to the chagrin of bulls, a steady decline followed in ensuing weeks, with Bitcoin hitting as low as $75,000 in early April amid President Trump’s volatile tariff policy. However, prices have since rebounded, with the bellwether cryptocurrency breaking through the six-figure milestone.

According to data from CoinGecko, Bitcoin spiked to a local high of $103,461 today before slumping back to its current price of around $102,734, up 3.8% on the day and 6% on the week.

U.S. President Trump teased a “major trade deal” on his Truth Social media site that would represent a diplomatic milestone following the economic tensions triggered by punitive tariffs imposed on the so-called “Liberation Day.” The news came as U.S. Treasury Secretary Scott Bessent is set to travel to Switzerland for talks with Chinese officials, the first trade discussions since Trump’s tariffs announcement.

As bullish momentum continues to build up, Geoffrey Kendrick, Standard Chartered’s head of digital assets, has updated the bank’s Q2 price target for Bitcoin.

Is $120,000 Possible In Q2?

In a recent email to clients on May 8, Kendrick apologized for previously forecasting that Bitcoin would hit an all-time high of $120,000 by the second quarter, now suggesting that the price call may have been far “too low.”

In a report last month, Kendrick said he anticipated the price of Bitcoin to reach a new record high of $120,000 in the second quarter of 2025 on the back of a strategic asset reallocation away from US assets, regulatory headwinds, and aggressive accumulation by whales.

Kendrick now sees his earlier $120,000 price call as “very achievable” as market conditions have changed again.

“The dominant story for Bitcoin has changed again,” the analyst said Thursday. “It is now all about flows. And flows are coming in many forms.”

The bank has a year-end BTC price target of $200,000.