Standard Chartered Calls Crypto Bottom As Bitcoin Price Recovers From $59,000 Low
Standard Chartered predicts the crypto market has reached its cycle low with Bitcoin's recent dip to around $59,000 marking the bottom of the latest downturn.
Intelligence analysis by Qwen 2.5 (3B)
Standard Chartered analyst Geoff Kendrick suggests Bitcoin could reach $100,000 by year-end based on improving macro conditions and renewed institutional demand.
Standard Chartered thinks Bitcoin might go back up to $100,000 by year-end. They think it will get there because of two things: a big company called SpaceX selling its stock for more money than people expected, and maybe some countries talking to each other to stop fighting.
Analysis
Standard Chartered's Outlook on Crypto Bottom
Standard Chartered’s head of digital asset research, Geoff Kendrick, declared that the crypto market has seen its cycle low. He argues that Bitcoin's recent dip to approximately $59,000 marked the bottom of the latest downturn—a 53% drawdown from its October all-time high of $126,000.
Catalysts for Recovery
Kendrick cites two primary catalysts: the historic Nasdaq debut of Elon Musk’s SpaceX and a potential peace deal between the U.S. and Iran ahead of next week's G7 summit. He notes that easing IPO-related selling pressure could help Bitcoin recover to its $100,000 year-end target.
Confirmation Signals for Institutional Appetite
Kendrick is watching three signals: Strategy’s announcement of an additional Bitcoin purchase on Monday, U.S. spot Bitcoin ETFs returning to net-positive daily inflows on Friday, and continued declines in global oil prices as the Iran diplomatic situation evolves.
Key points
- Standard Chartered predicts the crypto market has reached its cycle low with Bitcoin at around $59,000
- The main reasons for recovery are SpaceX’s IPO and potential peace deal between US and Iran
- Three signals—Strategy buying again, ETFs returning to positive inflows, and oil prices staying low—are being watched as indicators of institutional appetite
If all three signals materialize—Strategy buying Bitcoin again, ETFs starting to put money back into Bitcoin, and oil prices staying low—Bitcoin could reach $100,000 by year-end as expected.
But if any of these signals don't happen, or if they go the other way, Bitcoin might not get up to $100,000 by year-end. It's still a bit uncertain how things will play out.
