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.
WPN Brief
- What Happened
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.
- Why It Matters
This development is significant for Standard Chartered as it reinforces the bank's bullish outlook on Bitcoin and Ethereum, suggesting confidence in a recovery phase for these cryptocurrencies following a prolonged downturn.
- The Bigger Picture
The broader cryptocurrency market is currently experiencing volatility, with concerns about institutional selling pressures and potential price declines. However, analysts are also identifying key support levels, indicating that while challenges remain, there may be opportunities for recovery as the market stabilizes.
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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.
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 steadies above $63,000 as its worst week in months got a late macro rescue
Bitcoin has stabilized above $63,000 after experiencing its worst week in months, aided by a late macroeconomic recovery, easing tensions with Iran, and a strong debut from SpaceX. This recovery follows significant volatility in the cryptocurrency market, where Bitcoin had dipped below $62,000 earlier in the week.
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.
Bitcoin price may slide toward $30K as institutions dump 450% of daily BTC supply
Bitcoin's institutional support has diminished as exchange-traded funds (ETFs) and companies have sold nearly 2,000 BTC daily, leading to concerns that the price may drop towards $30,000. This significant sell-off represents a 450% increase in the daily supply of Bitcoin being dumped into the market.
Can Bitcoin break $65k as traders challenge Galaxy’s bearish cycle call?
Bitcoin's price surged above $64,000 on June 12, driven by improved market sentiment and bullish technical indicators, challenging Galaxy Digital's prediction that the cryptocurrency may not find its bottom until the fourth quarter of 2026.
Crypto News Today (June 12): BTC Ranging Between $62K-63K, SpaceX Futures Surge Ahead of IPO and Japan Crypto Reform Bill Edges Closer
Bitcoin is currently trading between $62,200 and $63,200, reflecting a slight increase of 0.5% overnight, as traders anticipate a potential support level at $62,000. This consolidation comes amid a significant reduction in liquidations, which have dropped to $270 million from over $450 million in previous days.
The Higher Bitcoin Goes, The Less Institutions Want It? Coinbase Executive Weighs In
John D'Agostino, Coinbase's Head of Institutional Strategy, indicated that institutions that previously purchased Bitcoin at high prices are now showing renewed interest as its value has decreased to around $60,000. This shift suggests a strategic accumulation phase rather than a retreat from the market.