Bitcoin soared to another all-time high, buoyed by a broader rally in risk assets amid ongoing uncertainty surrounding the U.S. government shutdown. More investors and financial institutions are now betting that the cryptocurrency’s upward trajectory has further to run this year.
Standard Chartered’s head of digital assets research, Geoff Kendrick, shared his bullish outlook in a note to clients, projecting Bitcoin could climb to $135,000 in the coming weeks. Kendrick pointed to record inflows into Bitcoin exchange-traded funds as a key driver behind the momentum.
“The shutdown matters this time around,” Kendrick wrote, contrasting the current environment with the last shutdown in late 2018 and early 2019, when Bitcoin’s price movement was largely decoupled from broader markets. “This time, it has traded more in line with traditional risk assets.”
Bitcoin surpassed $125,000 over the weekend, eclipsing its previous all-time high of $124,480 reached in mid-August. The surge has been reinforced by more favorable regulatory signals from the Trump administration and an accelerating demand from institutional investors.
“Bitcoin is the hurdle rate. If you can’t beat it, you have to buy it. And I think the next 12 weeks are going to be very fun for bitcoin holders,” Anthony Pompliano, founder of Professional Capital Management, wrote in a recent letter to investors.
According to data from financial services firm Trade Nation, Bitcoin has gained approximately 13% since late September. Despite the intense rally, Trade Nation analyst David Morrison observed,
“The tone across the crypto space remained orderly, suggesting confidence rather than speculative frenzy.”
The recent rally coincides with weakening in the U.S. dollar. Uncertainty stemming from the Trump administration’s tariff policies has shifted some investor flows away from the dollar toward alternative assets. Alongside Bitcoin’s record, gold prices also smashed new highs this week, briefly exceeding $4,000 an ounce for the first time in history.
While most financial firms share the optimism, not all are as exuberant in the short term. Citigroup, for example, slightly lowered its year-end Bitcoin price target from $135,000 to $133,000 last week, anticipating a stronger dollar resurgence. Nevertheless, Citi continues to forecast gains for Bitcoin through the end of the year, even as it notes a shifting investor preference toward Ether—the second-largest cryptocurrency.
Derivatives markets echo these sentiment shifts. Bitcoin options traders have increasingly clustered bets around the $140,000 strike price for contracts expiring later this year. At the same time, open interest in Bitcoin futures and perpetual contracts has surged to record levels globally, according to data from Deribit and Amberdata reported by Bloomberg.
The cryptocurrency’s momentum has also reached new domains beyond traditional trading. The upcoming 2026 FIFA World Cup has ushered in early regulatory scrutiny in Switzerland as authorities are reviewing whether FIFA’s innovative use of tradable digital tokens—designed to function as match tickets—should be subject to the country’s gambling laws. These tokens have already generated millions for the global football governing body, signaling the growing intersection between crypto and mainstream events.