Standard Chartered Sees Crypto Cycle Bottom at $59,000

Standard Chartered's Geoffrey Kendrick has called Bitcoin's recent price of $59,000 as the cycle bottom. He argues that the downturn is over and crypto has entered a new recovery phase.

The bank's research note dated June 12 frames this low as a 53% retracement from Bitcoin's all-time high of $126,000 set on October 6, 2025. Kendrick believes that two catalysts have contributed to the bottom call: the completion of the SpaceX IPO and progress around a US-Iran peace deal that could cap oil prices.

The SpaceX angle is linked to over $5.72 billion of spot Bitcoin ETF redemptions since mid-May, which reflected investors liquidating crypto exposure to free capital for the SpaceX IPO. With the IPO completed, this specific drain may fade.

Kendrick expects a return to net positive US spot Bitcoin ETF inflows, renewed corporate treasury buying, and falling oil prices as confirmation signals of the bottom call.