🚀 Crypto Winter Over? Standard Chartered Sees Bitcoin Bottoming as Recovery Signals Emerge

Standard Chartered believes the cryptocurrency market may have already established its current cycle bottom after Bitcoin recently dropped to around $59,000, representing a decline of roughly 53% from its previous peak near $126,000.

According to Geoffrey Kendrick, the bank’s Head of Digital Assets Research, several upcoming developments could help confirm that a market turning point has been reached. One key factor is the possibility of a U.S.-Iran peace agreement emerging from ongoing G7-related discussions, which could ease pressure on oil prices and U.S. Treasury yields—conditions generally viewed as supportive for risk assets such as cryptocurrencies.

Another potential catalyst is the highly anticipated SpaceX IPO. Kendrick suggested that some investors may have been selling Bitcoin ETF holdings to free up capital for participation in the offering. If true, the completion of the IPO could reduce this source of selling pressure. Recent weeks have witnessed some of the largest ETF outflows since spot Bitcoin funds were introduced.

To strengthen the bullish outlook, Standard Chartered is looking for additional signals, including renewed Bitcoin purchases by MicroStrategy, a return to positive ETF inflows, and continued declines in oil prices.

Kendrick remains optimistic on Bitcoin’s longer-term prospects, maintaining his forecast that the cryptocurrency could reach $100,000 by the end of the year. He argues that current price levels may eventually be viewed as an attractive accumulation zone once the market recovery becomes clearer.

Although Bitcoin has recovered modestly, rising nearly 1% to around $63,300 on Friday, the asset remains close to its yearly lows after a sharp correction. Persistent institutional selling through spot Bitcoin ETFs continues to weigh on sentiment despite a generally supportive regulatory environment for digital assets.