Standard Chartered Sees Crypto Bottom Signal at $59,000

Standard Chartered analyst Geoff Kendrick believes Bitcoin has already reached its cycle low of around $59,000. This estimate is based on a framework that includes three confirmation indicators: additional Bitcoin purchases by Strategy, positive inflows into US Bitcoin exchange-traded funds (ETFs), and continued weakness in oil prices.

Kendrick points to recent data showing that Strategy has been buying more Bitcoin, with US Bitcoin ETFs seeing net inflows of $85.84 million on Friday. He also notes that crude oil futures have fallen for two consecutive days, which can influence liquidity-sensitive assets such as crypto.

The analyst's note ends with a seasonal metaphor: 'Winter is over. Welcome back to crypto Spring.'