Bitcoin Rebounds as Analyst Declares 'Crypto Spring'

Standard Chartered's head of digital assets research Geoffrey Kendrick believes that Bitcoin has likely hit its cycle low around $59,000. He cites improving investor flows, corporate buying, and easing macro pressures as evidence for a stronger recovery ahead.

Kendrick had previously outlined three developments he wanted to see before gaining confidence in his view: renewed Strategy (MSTR) purchases of Bitcoin, a return to positive U.S. spot bitcoin exchange-traded fund (ETF) inflows, and continued weakness in oil prices.

By Monday, all three conditions had been met. Strategy disclosed purchasing another 1,587 BTC last week, while U.S. spot bitcoin ETFs posted net inflows of $86 million on Friday after a stretch of notable redemptions. Oil prices also continued to move lower.

Kendrick described the current market as 'Crypto Spring' and noted that one major test remains: breaking above the $83,000 level reached in early May. If Bitcoin achieves this, he believes the case for a new uptrend will become much stronger.