Standard Chartered Says Bitcoin Bottomed Near $59,000 As Crypto Winter Ends
Standard Chartered’s Geoffrey Kendrick reportedly считает Bitcoin’s recent ~$59,000 level the cycle bottom and says the market has entered a new recovery phase. The call centers on a low near $59,375, framed as a 53% pullback from Bitcoin’s all-time high of $126,000. Year-end targets remain bullish at $100,000 for Bitcoin and $4,000 for Ethereum, with ETH expected to outperform BTC during the rebound. The bottom thesis is tied to macro and flow catalysts, not just chart patterns. Kendrick links recent weakness to Bitcoin ETF redemptions, partly driven by capital being freed for the SpaceX IPO, and to higher oil prices. With the IPO completed and if oil prices fall, inflation and yields could ease, supporting risk assets. Confirmation signals to watch are: positive US spot Bitcoin ETF inflows, renewed corporate treasury buying, and lower oil prices.
