Standard Chartered Sees Signs of Bitcoin Market Recovery
- Standard Chartered analyst Geoff Kendrick believes Bitcoin has reached its low at USD59,000, down from a high of USD126,000.
- Bitcoin was trading at approximately $63,704 on Sunday, according to CoinMarketCap data.
- Bitcoin ETFs experienced a net inflow of $85.84 million on Friday, with five funds gaining investments.
- Crude oil futures fell for the second consecutive day on Friday, indicating potential economic shifts.
Kendrick is monitoring three indicators for confirmation of a Bitcoin bottom, including ETF inflows and oil price trends. Michael Saylor’s recent tweets also hint at ongoing Bitcoin purchases by Strategy.
With Bitcoin ETFs seeing significant inflows and Kendrick’s assertion that the market low has passed, there are signs that the cryptocurrency market may be entering a recovery phase.(Source)
