Standard Chartered Sees Crypto Winter Ending with Bitcoin Cycle Low Established

Standard Chartered believes that the worst of the current cryptocurrency downturn may already be over, according to the bank's Global Head of Digital Assets Research, Geoffrey Kendrick. He argues that Bitcoin has established its cycle low at $59,000, a 53% drop from its peak of $126,000 in late 2025.

Kendrick highlighted several near-term developments that could help validate the view that the market is entering a new recovery phase. These include a potential peace agreement between the United States and Iran, which may lead to lower oil prices and higher US Treasury yields, and the IPO of SpaceX, which has attracted significant attention in crypto markets.

The bank's analyst also noted that many Bitcoin ETF investors have recently been selling positions to raise funds ahead of the IPO, contributing to unusually large ETF outflows. However, Kendrick believes that this temporary source of selling pressure may be fading as the aerospace company is now publicly traded.