As the price of bitcoin surged above $100,000 for the first time late Wednesday, Standard Chartered believes the flagship cryptocurrency can to double by the end of next year. Analyst Geoff Kendrick said in a Thursday note that the firm’s end-of-2025 price target on bitcoin around the $200,000 level is “achievable.” “We would turn even more bullish if BTC saw more rapid uptake by U.S. retirement funds, global sovereign wealth funds (SWFs), or a potential US strategic reserve fund,” Kendrick wrote. “In 2025, we expect institutional flows to continue at or above the 2024 pace. MicroStrategy is running ahead of its USD 42bn three-year plan, so its purchases in 2025 should match or exceed its 2024 purchases.” Bitcoin, which has surged more than 140% year to date, is up 48% since President-elect Donald Trump’s victory in the Nov. 5 election. BTC.CM= YTD mountain Bitcoin prices in 2024 Kendrick noted that Standard Chartered expected bitcoin to rise to $100,000 by the end of 2024 back in April 2023 — when the digital currency was trading around the $27,000 level.