Standard Chartered Declares Crypto Winter Over, Predicts Bitcoin Bottom
Standard Chartered's top digital asset analyst is calling the bottom for the crypto cycle, citing the SpaceX IPO drain and potential geopolitical shifts. This could signal a return to bullish price action for Bitcoin.
Geoff Kendrick, Standard Chartered's head of digital asset research, just declared the crypto market has hit its cycle low. He points to Bitcoin's recent dive to $59,000, a 53% drop from its peak, as the bottom. Kendrick is calling it 'crypto spring' and expects prices to rebound. The bank still has a $100,000 year-end target for BTC.
The first catalyst for this shift? The massive SpaceX IPO. Kendrick believes investors sold crypto to grab shares, explaining the recent ETF outflows. Now that the IPO is done, that selling pressure should evaporate, freeing up liquidity. The overlap was clear, with SpaceX futures racking up hundreds of millions in open interest before the debut.
The second piece of the puzzle is geopolitics. A potential US-Iran peace deal could ease oil supply fears, driving down Treasury yields that have been crushing risk assets like crypto. Lower oil prices make holding cash less attractive than risk-free government debt.
Kendrick is watching three signals for confirmation: MicroStrategy buying more Bitcoin, spot Bitcoin ETFs seeing net positive inflows, and continued drops in global oil prices. If these play out, expect the institutional and macro forces to align for a serious BTC rally.