Standard Chartered Says Bitcoin Bottomed Near $59,000 As Crypto Winter Ends
Standard Chartered's Geoffrey Kendrick has stated that Bitcoin has reached its cycle low near $59,000, signaling the end of the recent crypto winter. This assertion comes as the cryptocurrency market shows signs of recovery after a prolonged downturn, with Bitcoin's price previously dipping below the $60,000 mark.
WPN Brief
- What Happened
Standard Chartered's Geoffrey Kendrick has stated that Bitcoin has reached its cycle low near $59,000, signaling the end of the recent crypto winter. This assertion comes as the cryptocurrency market shows signs of recovery after a prolonged downturn, with Bitcoin's price previously dipping below the $60,000 mark.
- Why It Matters
This development is significant for Standard Chartered as it reinforces their outlook on Bitcoin, which they believe could rebound, supporting their long-term price target of $100,000. The bank's analysis suggests that easing selling pressures and improving macroeconomic conditions may contribute to this recovery.
- The Bigger Picture
The broader cryptocurrency market remains cautious, with many investors still anticipating further declines despite Kendrick's positive outlook. Various analysts express differing views on Bitcoin's trajectory, with some predicting potential drops below $50,000, while others suggest the price may stabilize around $60,000, reflecting ongoing uncertainty in the market.
Related Reports
More coverage on this story
10 reports across the wire
Bitcoin selloff tests Standard Chartered’s $100K forecast: is Geoffrey Kendrick’s call on track?
Standard Chartered has maintained its Bitcoin price target of $100,000 and Ethereum target of $4,000 despite a recent selloff that saw Bitcoin drop to approximately $59,000 before rebounding. Geoffrey Kendrick, head of digital-assets research at Standard Chartered, noted that this decline likely represents the cycle bottom for Bitcoin.
Standard Chartered Calls Crypto Bottom as Bitcoin Price Recovers From $59,000 Low
Standard Chartered has indicated that the cryptocurrency market has likely reached its cycle low, asserting that Bitcoin's recent drop to approximately $59,000 marks the bottom. The bank anticipates that easing selling pressure from IPOs, improved macroeconomic conditions, and renewed institutional interest could drive Bitcoin towards a target of $100,000 by year-end.
Bitcoin hit bottom at $59,000 marking end to the crypto winter, says Standard Chartered analyst
Bitcoin has reportedly hit a bottom at $59,000, signaling the end of the recent crypto winter, according to Standard Chartered's senior market analyst Geoffrey Kendrick. This shift is attributed to two main catalysts: the anticipated IPO of SpaceX and a potential peace deal between the U.S. and Iran.
Bitcoin price confirms rounding top breakdown, risks drop below $50K
Bitcoin has confirmed a significant rounding top breakdown after falling below the $65,000 support level, with current trading around $62,900. Technical indicators suggest a potential decline toward the mid-$40,000 range, raising concerns among investors about further price drops.
Bitcoin 'normal' 4-year cycle puts focus on $53K low before 2028 BTC price high
Bitcoin traders indicate that the price of BTC is nearing its cycle bottom, with a significant focus on the $53,000 midpoint as a potential entry point for investors. This aligns with the typical four-year cycle observed in Bitcoin's price movements.
Is Bitcoin price near a bottom as half of supply turns red? K33 says yes
More than half of Bitcoin's supply is currently underwater, according to K33, which suggests that the price may be nearing a cycle bottom around $60,000. However, historical trends indicate that there could be one final price decline before a potential recovery.
The Verdict Is In For Bitcoin: Majority Of Investors Say BTC Price Is Headed Lower, Here Are The Numbers
A significant majority of Bitcoin investors are anticipating further declines in the cryptocurrency's price, following a recent drop below $60,000, which has raised concerns about market stability. Despite a brief recovery above this threshold, sentiment remains negative as traders brace for potential additional downturns.
Analyst Predicts Bitcoin Price Has Entered The Final Bear Market Phase
A prominent crypto analyst has declared that Bitcoin is firmly entrenched in its final bear market phase, predicting further volatility and declines ahead for the cryptocurrency. The analyst outlined a timeline for Bitcoin's potential capitulation and identified a target price range for its bottom.
Bitcoin cycle data points to $40K-$46K bottom, Galaxy says
Galaxy has indicated that Bitcoin may not have reached its lowest point, with cycle data suggesting a potential base-case low between $40,000 and $46,000 expected to occur between now and the fourth quarter of 2026.
Bitcoin miner 'capitulation' comes as trader sees later 2026 bear-market bottom
Bitcoin miner metic has triggered discussions of 'capitulation' as profit margins remain below 5%, coinciding with a significant downturn in Bitcoin's price, which has struggled to find a bear-market bottom.