Standard Chartered Says Bitcoin Bottomed Near | Crypto News
TL;DR
- Standard Chartered’s Geoffrey Kendrick reportedly says Bitcoin’s $59,000 space marked the cycle backside.
- The observe cites SpaceX IPO-related capital rotation and easing oil-price stress 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 called Bitcoin’s current $59,000 space the cycle backside, arguing that the latest downturn has ended and that crypto has moved into a new recovery section.
The research observe 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 back to crypto Spring.” — captures the tone of the call.
The bank’s year-end targets stay bullish, with Bitcoin at $100,000 and Ethereum at $4,000. Kendrick also expects ETH to outperform BTC as the recovery develops.
Why SpaceX And Oil Matter To The Bitcoin Call
The argument is just not based on price construction alone. Kendrick reportedly hyperlinks the underside call to two catalysts: the completion of the SpaceX IPO and progress around a US-Iran peace deal that may cap oil costs.
The SpaceX angle is uncommon but important. The research observe argues that more than $5.72 billion of spot Bitcoin ETF redemptions since mid-May mirrored buyers 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 around $87 and $85 a barrel, may scale back inflation stress, cool Treasury yields and improve the liquidity backdrop for risk property, including crypto.
The Confirmation Checklist
Kendrick is watching three affirmation alerts: a return to internet constructive US spot Bitcoin ETF inflows, renewed company treasury shopping for and falling oil costs. That offers the call a useful framework slightly than a simple bullish headline.
The risk is that all three inputs can change rapidly. ETF flows can stay detrimental if sentiment stays weak, company treasury shopping for can disappoint, and geopolitics around Iran stays risky. A later shift in coverage headlines or oil costs may weaken the underside thesis.
The key level is that Standard Chartered is treating $59,000 as a macro and flow-based backside, not just a chart stage. That makes the next spherical of ETF data and oil-price motion particularly important for merchants watching the call.
This report is based on primary-source materials and supporting market data. View the Standard Chartered research portal.
The call also issues because it offers merchants a clean stage to check. If Bitcoin holds above the $59,000 space and ETF flows stabilize, the underside thesis beneficial properties credibility. If the market loses that zone again, the argument that the cycle low is already locked in turns into more durable to defend.
The next signal is probably going to come from flows slightly than slogans. A recovery in spot ETF demand, mixed with calmer oil markets and renewed company treasury shopping for, would help Kendrick’s view that the promoting stress was momentary slightly than structural.
Based on Standard Chartered market commentary attributed to Geoffrey Kendrick at Standard Chartered
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