Bitcoin Rebounds from $60K Low as Standard Chartered Declares End to Crypto Downturn
Standard Chartered analyst Geoff Kendrick has declared that the cryptocurrency market has bottomed out, pointing to Bitcoin’s recent dip to nearly $59,000 as the nadir of the ongoing downturn.
The investment bank’s global head of digital asset research stated that Bitcoin’s 53% plunge from its October peak of $126,000 marked crypto winter’s most severe conditions. “I think we have now seen the low in crypto asset prices,” Kendrick wrote. “Winter is over.”
Several factors are positioning the market for recovery, including potential geopolitical relief through a U.S.-Iran peace deal ahead of next week’s G7 summit, and SpaceX’s highly anticipated $1.75 trillion IPO. These developments are helping to reverse recent market stagnation.
Kendrick noted that oil price movements have been a key driver of crypto performance during the conflict, with surging energy costs pushing U.S. Treasury yields higher and making risk-free government debt more attractive than volatile assets like cryptocurrency. West Texas Intermediate crude fell 1.5% to $86 per barrel on Friday, with prediction markets suggesting further declines to $55.
While Bitcoin has recovered to above $64,000—a 5% gain over the past week—Kendrick emphasized that his bullish call requires confirmation. Key indicators include renewed inflows into Bitcoin ETFs, continued drops in oil prices, and MicroStrategy’s potential announcement of expanded BTC holdings.
The broader cryptocurrency market has contracts slightly to $2.277 trillion, down from $2.29 trillion earlier this month, as ETF-driven selling—including roughly $5 billion in net outflows since mid-May—has pressured prices despite the recent uptick.
Kendrick suggested some of the ETF selling may be driven by investors liquidating positions to free up capital for SpaceX’s IPO, though he maintains that confirming the market turnaround remains the primary near-term priority for crypto bulls.