Standard Chartered · Bitcoin ETF · Strategy · Bitcoin · CoinDesk
‘Crypto spring’ is here, confirms one analyst after bitcoin's key signals turn bullish
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Standard Chartered's head of digital assets research Geoffrey Kendrick says bitcoin BTC $ 66,300.77 may have already put in its low for the current market cycle, arguing that a combination of improving investor flows, corporate buying and easing macroeconomic pressures points to a stronger recovery ahead.
Key facts
- In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
- The asset currently stands at $66,300 as press time, up about a percent over the past 24 hours
- Last Friday, Kendrick told clients he believed bitcoin's decline to roughly $59,000 represented the cycle low
- Coinbase CEO Brian Armstrong said on Monday that he too believes bitcoin may have already bottomed near $60,000 and that he remains "as bullish as ever" on the cryptocurrency
Summary
Standard Chartered analyst Geoffrey Kendrick says bitcoin likely hit its cycle low around $59,000, citing improving investor flows, corporate buying and easing macro pressures. His confidence grew after MicroStrategy resumed bitcoin purchases, U.S. spot bitcoin ETFs returned to net inflows and oil prices continued to fall, reducing inflation worries. Kendrick says a decisive break above bitcoin’s early May high near $83,000 would strongly confirm a new uptrend, with the cryptocurrency recently trading around $66,300. The latest call marks a shift in sentiment after several months in which crypto markets struggled with rising geopolitical tensions, concerns about inflation and persistent outflows from U.S. spot bitcoin exchange-traded funds (ETFs.)