Standard Chartered analyst Geoffrey Kendrick has declared Bitcoin’s recent $59,000 low as the definitive cycle bottom. The bank asserts the crypto winter has ended, maintaining a bullish year-end target of $100,000 for Bitcoin and $4,000 for Ethereum.
Kendrick attributes the market floor to two specific macro catalysts rather than technical chart patterns. First, the completion of the SpaceX IPO likely halted significant capital rotation. Over $5.7 billion in spot Bitcoin ETF redemptions since mid-May were linked to investors liquidating crypto positions to fund the public offering. With that event concluded, this liquidity drain is expected to cease.
Second, easing energy costs are improving the risk asset backdrop. Brent and WTI crude prices hovering near $85 have reduced inflationary pressure and cooled Treasury yields. This macro environment supports higher liquidity for digital assets.
The bank outlines three confirmation signals to validate this thesis: a return to net positive US spot Bitcoin ETF inflows, renewed corporate treasury accumulation, and sustained lower oil prices. While geopolitical volatility remains a risk factor, Standard Chartered views the $59,000 level as a fundamental floor driven by flow dynamics and macroeconomic stabilization.