Standard Chartered · Michael Saylor · Bitcoin · Strategy · Bitcoin ETF · Cointelegraph
StanChart looks for 3 signs of BTC bottom, including Strategy’s Monday news
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Standard Chartered’s Geoff Kendrick tells clients “winter is over” as the analyst said crypto prices have likely seen the low for the cycle, ahead of Strategy’s Bitcoin purchase update.
Key facts
- Strategy disclosed its first reported Bitcoin sale since 2022 in a June 1 filing with the US Securities and Exchange Commission, offloading 32 BTC in a move that appeared at odds with Saylor's
- The biggest crypto was last trading on Sunday at about $63,704, according to CoinMarketCap data
- Cointelegraph’s Ciaran Lyons (left) and Strategy founder Michael Saylor (right) at BTC Prague
- Michael Saylor's tweet on Sunday had more than a half a million views by mid-afternoon, ET
Summary
Standard Chartered analyst Geoff Kendrick on Friday told clients that he believes crypto asset prices have seen the low in the current cycle and he is looking for confirmation in three indicators: Strategy’s reporting that it bought more Bitcoin last week; crypto exchange-traded funds (ETF) saw positive inflows on Friday; and, oil prices continue to break lower. “We have now seen the low in crypto asset prices for the cycle. Depending on how investors read Strategy chief Michael Saylor’s near-weekly tweet issued earlier on Sunday, The first sign that Kendrick is watching for may have come. “Still adding dots,” was Saylor’s message that accompanied the now-familiar dot, or bubble, chart that the Strategy executive frequently includes in his social media posts teasing forthcoming BTC purchases.