Standard Chartered has declared that the Bitcoin bottom may be in at $59,000 after a significant decline from its high of $126,000. The bank's head of digital assets research, Geoffrey Kendrick, made this assessment on June 12, citing possible catalysts emerging this week.
Kendrick believes that crypto winter is over and points to ETF inflows, lower oil prices, and fresh market catalysts as confirmation signals. He wants to see Strategy announce additional Bitcoin purchases on Monday, return to positive ETF inflows, and continued declines in oil prices to validate the call.
This shift in outlook marks a change from Standard Chartered's February report, which projected Bitcoin could fall towards $50,000 before recovering later in the year. Despite this reduction, Kendrick remains optimistic about the long-term prospects of cryptocurrency, keeping end-2030 forecasts unchanged at $500,000 for Bitcoin.