Bitcoin Approaches $60K, Standard Chartered Analyst Sees Bottom Near
Bitcoin (BTC) fell 14% in the past week to levels unseen since February, nearing the critical $60,000 threshold. The broader crypto market also suffered heavily, with most analysts warning of further declines. However, Geoff Kendrick, global head of digital assets research at Standard Chartered, argues the bottom is almost in. He bases his outlook on three factors: Strategy (MSTR) likely repurchasing BTC after a recent sale, similar to its 2022 pattern; ETFs showing structural strength with cumulative net inflows back to $54.2 billion and holdings nearly unchanged; and over $1.5 billion in liquidations mostly exhausted. Kendrick suggests accumulating now rather than waiting for certainty, predicting BTC at $100k and ETH at $4k by end of 2026. Meanwhile, BTC is trading near its 200-week SMA, a level that historically marked previous bear market bottoms. Other headlines: SpaceX targets record $75 billion IPO; U.S. House votes to block Iran war; Goldman Sachs launches tokenized real estate fund; Polymarket disputes over Strategy's BTC sale.
Key facts
- Bitcoin lost 14% in 7 days, approaching $60K support.
- Standard Chartered analyst sees bottom near based on three factors.
- Strategy expected to buy back BTC after selling 32 coins last week.
- ETF holdings stable at 674k BTC despite $5B outflows.
- BTC near 200-week SMA, a historic bear market bottom signal.