Standard Chartered Says Bitcoin to $120K as ETF Inflows Surge

Bitcoin ETFs saw their momentum gain, with $591.2 million of net inflows on April 28, the seventh day in a row of favorable flow. BlackRock's iShares Bitcoin Trust (IBIT) was the driver with $970 million in one-day inflows, its second-largest single day ever. It followed a record $3 billion weekly inflow during April 21–25, the biggest since December 2024.

Bitcoin ETFs outperformed gold ETPs, showing the largest BTC-gold flow deficit since November 2024 U.S. election rally. Bitcoin jumped to $94,356 on April 29 with around 10.5% weekly gain, while gold remained close to $3,325/oz, up by 0.73%. Investors are moving away from U.S. Treasuries and gold towards Bitcoin because of dollar weakness, tariff threats, and geopolitical tensions.

Standard Chartered is looking for Q2 at $120,000 for Bitcoin based on ETF flows, whale purchasing, and high U.S. Treasury term premium, with end-of-year estimates of $200,000 based on institutional demand and Bitcoin as a hedge for trad-fi risk. Bitcoin just broke above $94,000 resistance, and analysts are aiming for $102,239 before the move to $120,000. More than 85% of Bitcoin supply is in profit, suggesting good holder sentiment, although care is being taken in futures markets