Wall Street analyst sees Bitcoin hitting new highs despite U.S. shutdown

October indeed proved to be "Uptober" for the crypto market as Bitcoin hit a new all-time high (ATH) of $125,559.21 on Oct. 5, up 100% in a year.

Launched in 2009, Bitcoin is the world's first decentralized cryptocurrency. Once dismissed as a scam, its market capitalization now lags behind only those of the world's largest companies like Nvidia (Nasdaq: NVDA), Microsoft (Nasdaq: MSFT), Apple (Nasdaq: AAPL), Alphabet (Nasdaq: GOOG), and Amazon (Nasdaq: AMZN).

Related: What is Crypto? Cryptocurrency explained

Bitcoin has hit a new record high amidst the U.S. government shutting down after both parties failed to reach an agreement.

Now, a leading Wall Street analyst has made a bullish Bitcoin price prediction.

Standard Chartered head of digital asset research Geoffrey Kendrick said in a note published on Oct. 3 that BTC will quickly jump to $135,000.

“I think it is now ready and that BTC will print a fresh all-time high next week and likely hit my forecast for Q3 of $135,000 soon thereafter.”

U.S. government shutdown to drive Bitcoin rally

As per the note, the government shutdown in the U.S. is playing a larger role in crypto markets this time than in previous bullish cycles.

More News:

U.S. government shutdown could renew interest in crypto, analysts say Surprising asset makes Trump’s youngest son wealthier than Melania Did NASCAR kill the ‘Let’s Go Brandon’ coin? Miami trial puts dispute before jury

Now, Bitcoin has been associated with the risks from government shutdown, indicated by the U.S. Treasury term premiums, Kendrick's note added.This photo shows a general view of the logo of Standard Chartered bank on its office building in Singapore on August 7, 2025.

It indicates that the market skepticism around the shutdown is behind the bullish Bitcoin chart this time.

Related: What is Bitcoin mining? Explained

Kendrick predicted that Bitcoin will continue to soar during the shutdown period. He added that spot Bitcoin exchange-traded funds (ETFs) are poised to pull in an additional $20 billion by the end of the year so that the king coin will hit a new price target of $200,000.

This story was originally reported by TheStreet on Oct 6, 2025, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

View Comments