Standard Chartered Calls Crypto Bottom as Bitcoin Recovers
Standard Chartered analyst Geoff Kendrick declares 'winter is over' after Bitcoin's drop to $59K. Potential US-Iran peace deal and SpaceX's $1.75T IPO could be catalysts, but confirmation from oil prices, ETF inflows, and Strategy's BTC buying is needed.
Quick Take
Standard Chartered analyst says crypto winter has ended after BTC's 53% drawdown.
Potential US-Iran peace deal and SpaceX IPO seen as bullish catalysts.
Confirmation hinges on oil price decline, ETF inflows, and Strategy's Bitcoin purchases.
Market Impact Analysis
BullishMajor bank analyst calls bottom, potential easing of geopolitical tensions could reduce oil prices and risk-off pressure, while SpaceX IPO may bring cash back to crypto.
Speculation Analysis
Key Takeaways
- Standard Chartered's Geoff Kendrick calls crypto winter over after Bitcoin's 53% drawdown to $59,000.
- Potential US-Iran peace deal and SpaceX's $1.75 trillion IPO seen as bullish macro catalysts.
- Confirmation hinges on continued oil price decline, renewed Bitcoin ETF inflows, and Strategy's BTC purchases.
What Happened
Standard Chartered’s head of digital asset research Geoff Kendrick declared the crypto market has reached its nadir. Bitcoin’s plunge to nearly $59,000—a 53% collapse from its $126,000 peak—marked the depths of crypto winter, he argued. “Winter is over,” Kendrick wrote, pointing to Friday’s macro shifts as potential catalysts for a market that has been tepid for months.
The Numbers
Bitcoin’s 53% drawdown erased billions in market value. Exchange-traded funds tracking the asset bled roughly $5 billion in net outflows since mid-May. West Texas Intermediate crude slipped 1.5% to $86 per barrel on Friday, hinting at easing energy costs. Meanwhile, SpaceX’s $1.75 trillion IPO looms as a historic liquidity event.
Why It Happened
Kendrick linked the potential turnaround to two macro developments. A U.S.-Iran peace deal could end the Middle East conflict that choked oil supplies and punished risk assets. Lower oil prices would pull Treasury yields down, restoring crypto’s luster. Separately, SpaceX’s massive IPO might have triggered recent ETF selling, but its completion could reinject capital into risk-on bets.
Broader Impact
If the bottom call holds, it reinforces institutional conviction. Standard Chartered maintains its $100,000 Bitcoin price target. The narrative also underscores how deeply geopolitical tensions now sway crypto markets, tying digital asset performance to oil and bond markets.
What to Watch Next
- Oil prices: A sustained drop below $80 would signal easing geopolitical risk and support a crypto rebound.
- ETF flows: A shift to net inflows would confirm institutional buyers are returning after weeks of selling.
- Strategy’s next move: A fresh BTC purchase from Michael Saylor’s firm would validate the bottom thesis.
This article is for informational purposes only and does not constitute financial advice.
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