Bitcoin (BTC) has ripped about 13% this week, surging Friday to just shy of a new record of $124,500.
With that ceiling nearly cleared, a quick move to $135,000 could be in the cards, according to Standard Chartered head of digital asset research Geoffrey Kendrick.
In a note published on Friday, Kendrick argued that the U.S. government shutdown is playing a bigger role in markets than in past episodes supporting bitcoin’s rally. During the 2018-2019 shutdown, BTC traded in a different context. Now, the largest crypto has been closely correlated with U.S. government risk, measured by the U.S. Treasury term premiums, a relationship that suggests the uncertainty around the shutdown acts as a bullish driver this time.
Traders on prediction marketplace Polymarket currently give more than a 60% chance that the shutdown lasts 10–29 days. Kendrick forecasted BTC will continue to rise throughout that period.
Kendrick also highlighted a coming shift in ETF investor behavior. While gold ETFs h
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