Bitcoin Has torn approx. 13% this week and wavy Friday to just shy for a new record of $ 124,500.
With the almost cleared ceiling, a quick step to $ 135,000 could be in the cards, according to standard charter head of digital asset research Geoffrey Kendrick.
In a note published on Friday, Kendrick claimed that the US government’s shutdown is playing a bigger role in markets than in previous episodes supporting Bitcoin’s rally. During the closure of 2018-2019, BTC traded in another context. Now the largest crypto is closely correlated with the US government risk, measured by the US Treasury Prizes, a relationship that suggests the uncertainty of the shutdown acts as a bullish driver this time.
Dealers at Prediction Marketplace Polymarket currently give more than a 60% chance that the shutdown will last 10-29 days. Kendrick expected BTC will continue to rise through this period.
Kendrick also highlighted an upcoming shift in ETF investor behavior. While gold -Tfs have recently surpassed their BTC colleagues with gold pushing for prices registration, Spot Bitcoin ETF streams are ready to catch up on the asset, the report said.
Of the $ 58 billion in Netto BTC ETF flows so far, $ 23 billion has arrived in 2025, he said. This week alone, they attracted over $ 2.25 billion without the Friday session.
Kendrick expected the vehicles to draw an additional $ 20 billion investor capital at the end of the year to keep its $ 200,000 annual BTC pricing targets in the game.
