Kendrick Sees 'Crypto Spring' After Bitcoin Cycle Low Predicted

Standard Chartered's head of digital assets research Geoffrey Kendrick believes that Bitcoin may have already reached its cycle low around $59,000. He cites improving investor flows, corporate buying, and easing macro pressures as reasons for his optimism.

Kendrick was initially hesitant to confirm a new uptrend, but recent developments have changed his mind. MicroStrategy resumed bitcoin purchases, U.S. spot bitcoin ETFs returned to net inflows, and oil prices continued to fall.

These three conditions were key for Kendrick's confidence in a potential recovery. He noted that Strategy, the largest corporate holder of Bitcoin, purchased another 1,587 BTC last week. U.S. spot bitcoin ETFs also posted net inflows of $86 million on Friday, and oil prices continued to move lower.

Kendrick's latest call marks a shift in sentiment after several months of struggling crypto markets. He believes that the current trend is positive, but notes that one major test remains: breaking above Bitcoin's early May high near $83,000.