Standard Chartered Says Bitcoin Bottomed Near $59,000 As Crypto Winter Ends
TL;DR
- Standard Chartered’s Geoffrey Kendrick reportedly says Bitcoin’s $59,000 space marked the cycle backside.
- The word cites SpaceX IPO-related capital rotation and easing oil-price strain as key catalysts.
- Kendrick reportedly maintains a $100,000 year-end Bitcoin goal and a $4,000 Ethereum goal.
Standard Chartered Calls Bitcoin’s $59,000 Low The Cycle Bottom
Standard Chartered analyst Geoffrey Kendrick has reportedly known as Bitcoin’s latest $59,000 space the cycle backside, arguing that the most recent downturn has ended and that crypto has moved into a brand new restoration part.
The analysis word dated June 12 frames the low close to $59,375 as a 53% retracement from Bitcoin’s all-time high of $126,000, set on Oct. 6, 2025. Kendrick’s quoted line — “Winter is over. Welcome again to crypto Spring.” — captures the tone of the decision.
The financial institution’s year-end targets stay bullish, with Bitcoin at $100,000 and Ethereum at $4,000. Kendrick additionally expects ETH to outperform BTC because the restoration develops.
Why SpaceX And Oil Matter To The Bitcoin Call
The argument isn’t primarily based on value construction alone. Kendrick reportedly hyperlinks the underside name to 2 catalysts: the completion of the SpaceX IPO and progress round a US-Iran peace deal that would cap oil costs.
The SpaceX angle is uncommon however essential. The analysis word argues that greater than $5.72 billion of spot Bitcoin ETF redemptions since mid-May mirrored traders liquidating crypto publicity to free capital for the SpaceX IPO. With the IPO accomplished, that particular drain might fade.
The oil angle is macro-driven. Lower Brent and WTI crude costs, reportedly round $87 and $85 a barrel, might cut back inflation strain, cool Treasury yields and enhance the liquidity backdrop for threat property, together with crypto.
The Confirmation Checklist
Kendrick is watching three affirmation indicators: a return to internet optimistic US spot Bitcoin ETF inflows, renewed company treasury shopping for and falling oil costs. That provides the decision a helpful framework slightly than a easy bullish headline.
The threat is that each one three inputs can change shortly. ETF flows can stay unfavorable if sentiment stays weak, company treasury shopping for can disappoint, and geopolitics round Iran stays unstable. A later shift in coverage headlines or oil costs might weaken the underside thesis.
The key level is that Standard Chartered is treating $59,000 as a macro and flow-based backside, not only a chart stage. That makes the subsequent spherical of ETF information and oil-price motion particularly essential for merchants watching the decision.
This report is predicated on primary-source materials and supporting market information. View the Standard Chartered research portal.
The name additionally issues as a result of it provides merchants a clear stage to check. If Bitcoin holds above the $59,000 space and ETF flows stabilize, the underside thesis positive factors credibility. If the market loses that zone once more, the argument that the cycle low is already locked in turns into more durable to defend.
The subsequent sign is prone to come from flows slightly than slogans. A restoration in spot ETF demand, mixed with calmer oil markets and renewed company treasury shopping for, would help Kendrick’s view that the promoting strain was short-term slightly than structural.
Based on Standard Chartered market commentary attributed to Geoffrey Kendrick at Standard Chartered