Bitcoin Hitting Bottom at $59K, Crypto Winter Officially Over

Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, has declared that Bitcoin's recent drop to $59,000 marks the definitive cycle bottom. According to Kendrick, this level represents a hard floor, and he does not expect prices to breach it again during this cycle.

The bank's analysis suggests that Bitcoin peaked at $126,000 in October 2025 and then fell 53% to its recent low around $59,000. Standard Chartered has set a year-end 2026 price target of $100,000 for Bitcoin, implying roughly 70% upside from current levels.

Kendrick has outlined specific conditions that need to materialize before the recovery thesis gains real traction. These include renewed ETF inflows, corporate treasury purchases, and decreasing oil prices. He ties this to potential macroeconomic catalysts, specifically the prospect of a US-Iran peace deal.