Standard Chartered Analyst Predicts Bitcoin Recovery After $59,000 Bottom
- Geoffrey Kendrick from Standard Chartered identifies Bitcoin‘s $59,000 area as the cycle bottom.
- Kendrick maintains a year-end target of $100,000 for Bitcoin and $4,000 for Ethereum.
- The analysis links Bitcoin’s recovery to the completion of the SpaceX IPO and potential easing in oil prices due to a US-Iran peace deal.
- Over $5.72 billion in spot Bitcoin ETF redemptions since mid-May are noted as part of capital rotation linked to the SpaceX IPO.
- Key confirmation signals include positive US spot Bitcoin ETF inflows, renewed corporate treasury buying, and falling oil prices.
Standard Chartered’s analysis suggests that the recent downturn has ended, with Bitcoin poised for recovery driven by macroeconomic factors like oil prices and capital rotation post-SpaceX IPO.
If Bitcoin holds above the $59,000 level with stabilizing ETF flows and calmer oil markets, Kendrick’s bottom thesis gains credibility. (Source)
