Bitcoin has kicked off the fourth quarter of 2025 with a powerful rally, surging greater than 10% over the previous week — from round $109,000 on September 27 to over $122,000 at present.
However Bitcoin might surge to recent all-time highs if the U.S. authorities shutdown continues, based on Geoff Kendrick, head of digital property at Normal Chartered.
Kendrick believes that Bitcoin’s traditionally optimistic correlation with U.S. Treasury time period premiums, suggesting the cryptocurrency might profit from extended fiscal uncertainty.
Kendrick famous that in extended market stress — circumstances that usually favor digitally scarce property — Bitcoin has traditionally proven exceptional resilience. On this case, the extended stress comes from the U.S. authorities’s prolonged shutdown.
Normal Chartered’s forecast now targets Bitcoin at $135,000 within the close to time period, with a year-end projection of $200,000, signaling robust confidence within the token’s upside potential.
At present, bitcoin trades round $122,200, simply shy of its August all-time excessive of $124,480.
Bitcoin poised for a rally
The potential for an prolonged U.S. authorities shutdown provides one other layer of market uncertainty, usually influencing each equities and fixed-income devices.
For bitcoin, these circumstances might function a catalyst, reinforcing its position as a hedge towards conventional market volatility.
Bitcoin has traded sideways in current months, however key liquidity indicators counsel a breakout could also be close to. World M2 progress, stablecoin provide developments, and gold’s rally — which Bitcoin has carefully tracked with a 40-day lag — all level upward.
JPMorgan analysts additionally see Bitcoin as undervalued relative to gold, estimating a theoretical upside to $165,000 if the “debasement commerce” — investing in property that hedge fiat foreign money threat — continues.
With September closing roughly 5% larger at $114,000, historic patterns counsel a powerful potential for outsized features in This fall, supported by rising retail and institutional curiosity in Bitcoin ETFs and custody options.
Information exhibits that in years corresponding to 2015, 2016, 2023 and 2024, optimistic September closes have been adopted by fourth-quarter rallies averaging greater than 50%.
