Bitcoin (CRYPTO: BTC) has surged 3% to over $123,000 on Friday after Standard Chartered projected a near-term target of $135,000, citing heavy ETF inflows and a shift from its post-halving pattern.
Standard Chartered Predicts $135,000 Bitcoin As ETF Flows Rise
Geoff Kendrick, the bank's Global Head of Digital Assets Research, said Bitcoin has broken from its history of weakening 18 months after halving events, as reported by Decrypt.
He argued that rising institutional flows and U.S. fiscal dynamics are providing stronger support this cycle.
Kendrick pointed to $58 billion in net Bitcoin ETF inflows this year, with $23 billion arriving in 2025 alone.
He expects another $20 billion before December, a pace that could make his $200,000 long-term projection feasible.
Technical Analysis: Bitcoin has extended its rebound from the $107,000–$111,000 base, clearing resistance across the 20, 50 and 100-day EMAs.
Price is now testing the 0.786 Fibonacci retracement at $120,853, a barrier that has capped rallies for months.
A close above this level would bring $124,500 and $128,000 into focus. On the downside, support sits at $117,000, followed by the EMA cluster near $114,000.
$248 Million Outflows And RSI Strength Fuel Bullish Bitcoin Setup
BTC Netflows (Source: Coinglass)
On-chain data shows nearly $248 million in outflows on Thursday, a sign traders are moving coins to custody.
That reduction in exchange supply often amplifies rallies when demand persists.
Meanwhile, the daily RSI is at 67, showing strong momentum but approaching overbought conditions.
If BTC fails to sustain above $121,000, a pullback toward $117,000 remains possible.
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