Bitcoin Hit Bottom at $59,000 Marking End to the Crypto Winter, Says Standard Chartered Analyst
Kendrick says Bitcoin may have bottomed as a bullish technical flip, ETF inflows and corporate buying would need to confirm the call.
- Standard Chartered Analyst Geoffrey Kendrick stated on Friday that the cryptocurrency market reached its definitive cycle bottom, signaling a potential turnaround for Bitcoin.
- Bitcoin recently hit a cycle low of $59,000, a 53% drop from its $126,000 all-time high on October 6, as Bitcoin ETFs shed roughly $5 billion in net outflows since mid-May.
- Kendrick identified three catalysts supporting the turnaround: the SpaceX IPO launch Friday, declining oil prices, and an anticipated Bitcoin purchase announcement from Strategy Inc. on Monday.
- Reclaiming $65,000 would target $68,000 to $71,000 as the first recovery leg, with key resistance overhead at $68,157 and $74,426 at the 50 SMA.
- Losing the $59,000 wick low invalidates the bullish signal and opens a move toward $55,000 to $56,000, according to Kendrick's technical outlook.
19 Articles
19 Articles
Standard Chartered (LON: STAN) Declares Crypto Winter Over As Bitcoin Hits Cycle Bottom
Standard Chartered (LON: STAN), the British multinational bank, has declared that the cryptocurrency market has most likely reached its lowest point and is poised for recovery. Geoffrey Kendrick, the bank’s global head of digital assets research, identified Bitcoin’s recent decline to $59,000 as the cycle low for the world’s largest cryptocurrency. Kendrick noted that Bitcoin fell 53% from a peak of $126,000 reached last October, a significant c…
Standard Chartered Confirms Crypto Recovery In 2026
Standard Chartered’s Geoffrey Kendrick suggests Bitcoin’s recent decline to $59,000 could represent the bottom of the current market cycle. The bank maintains its year-end targets of $100,000 for Bitcoin and $4,000 for Ethereum, citing improving liquidity conditions, ETF demand, and long-term blockchain adoption trends.
Standard Chartered Holds $100K Bitcoin Call After Dip to $59K
Bitcoin fell hard. Then it bounced. And Standard Chartered didn’t blink. The bank’s digital-assets research head, Geoffrey Kendrick, put out… Read the original on Standard Chartered Holds $100K Bitcoin Call After Dip to $59K. For more crypto news and analysis, visit TheCurrencyAnalytics.com.
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