Bitcoin (BTC) has kicked off October with robust performance, aligning with the historically bullish period dubbed "Uptober," as prices surged above $120,000. Despite concerns from the U.S. government shutdown, BTC is poised for a new all-time high.
Standard Chartered, a global financial institution managing $850 billion in assets, has forecasted that Bitcoin could achieve a new record high within the next week and ascend to $135,000. Geoff Kendrick, Head of Global Digital Assets Research at Standard Chartered, emphasized this in a research note, pointing to strong market momentum and growing institutional interest.
Kendrick highlighted that Bitcoin has broken from its typical post-halving pattern, where prices often decline 18 months after the event. The April 2024 halving would have indicated weakness now, but BTC has shown resilience. He noted that the current U.S. government shutdown is a factor, though Bitcoin is responding differently compared to past instances, such as the 2018-2019 shutdown.
Institutional demand remains a critical catalyst, with net Bitcoin ETF inflows reaching $58 billion, including $23 billion in 2025 alone. Kendrick anticipates at least $20 billion in additional inflows by year-end, reinforcing his earlier prediction of BTC hitting $200,000 by the close of 2025.
Prediction markets reflect heightened optimism, with 49% of users on Myriad expecting BTC to stay above $120,000 by October 15, a sharp rise from 20% just two days prior.