Standard Chartered Analyst Says Bitcoin Likely Bottomed Near $59,000
Standard Chartered analyst Geoffrey Kendrick stated that bitcoin likely hit its cycle low around $59,000, citing improved investor flows, corporate buying by MicroStrategy, and easing macroeconomic pressures such as falling oil prices. His confidence grew after three key developments materialized: MicroStrategy resumed bitcoin purchases (adding 1,587 BTC), U.S. spot bitcoin ETFs returned to net inflows ($86 million on Friday), and oil prices continued to decline, reducing inflation concerns. Kendrick noted that a decisive break above bitcoin's early May high of $83,000 would confirm a new uptrend, with the asset currently trading around $66,300. The bullish outlook is supported by broader crypto market improvements, including eased U.S. regulatory barriers for crypto derivatives and growing institutional participation. Coinbase CEO Brian Armstrong also expressed similar views, saying bitcoin may have bottomed near $60,000 and that he remains bullish.
Key facts
- Standard Chartered analyst says bitcoin likely hit cycle low near $59,000
- MicroStrategy bought 1,587 BTC; spot ETFs saw $86M net inflows on Friday
- Falling oil prices reduce inflation worries, supporting crypto recovery
- Bitcoin needs to break above $83,000 to confirm new uptrend
- Coinbase CEO Armstrong also believes bitcoin bottomed near $60,000