Standard Chartered Analyst Says Bitcoin Signals Point to a New Crypto Upswing
Standard Chartered’s Geoffrey Kendrick says bitcoin may have already set its cycle low near $59,000 after several bullish signals appeared at once. He pointed to renewed Strategy buying, positive spot bitcoin ETF inflows and lower oil prices, while noting that a move above roughly $83,000 would be an important confirmation.
What happened?
Standard Chartered’s Geoffrey Kendrick says bitcoin may have already set its cycle low near $59,000 after several bullish signals appeared at once. He pointed to renewed Strategy buying, positive spot bitcoin ETF inflows and lower oil prices, while noting that a move above roughly $83,000 would be an important confirmation.
Why it matters
Standard Chartered’s head of digital assets research, Geoffrey Kendrick, said bitcoin may have already put in its low for the current cycle, arguing that improving flows, renewed corporate buying and easing macro pressure are pointing to a stronger recovery. His call followed a period of pressure for crypto markets tied to geopolitical tensions, inflation concerns and outflows from U.S. spot bitcoin ETFs.
Standard Chartered’s head of digital assets research, Geoffrey Kendrick, said bitcoin may have already put in its low for the current cycle, arguing that improving flows, renewed corporate buying and easing macro pressure are pointing to a stronger recovery. His call followed a period of pressure for crypto markets tied to geopolitical tensions, inflation concerns and outflows from U.S. spot bitcoin ETFs.
The development matters because bitcoin’s recent weakness has been closely linked to whether large buyers were still providing demand. Kendrick had previously said he wanted to see three signals before gaining confidence: Strategy returning to bitcoin purchases, spot ETF flows turning positive again and oil prices continuing to fall. By Monday, all three had occurred, according to the report.
Strategy, the largest corporate holder of bitcoin, disclosed that it bought another 1,587 BTC last week. U.S. spot bitcoin ETFs also recorded $86 million of net inflows on Friday after a period of notable redemptions. Lower oil prices added to the more constructive backdrop by easing worries that energy costs could push inflation and bond yields higher.
Kendrick said spot bitcoin ETFs remain a key source of demand since their U.S. launch in January 2024. He also noted that recent selling had been among the sharpest since those products debuted, though he described one possible explanation, investors raising cash for an anticipated SpaceX IPO, as anecdotal.
The broader market backdrop has also improved, with easing U.S. regulatory barriers for crypto derivatives and more institutional participation supporting sentiment. Kraken launched perpetual futures for U.S. clients on Monday, joining other companies bringing the popular derivatives product onshore.
One technical test remains. Kendrick said bitcoin needs to break above its early May level near $83,000 to counter concerns about lower highs during recent rallies. Bitcoin was trading around $66,300 at press time, up about 1% over 24 hours, while Coinbase CEO Brian Armstrong also said Monday that bitcoin may have bottomed near $60,000.