Standard Chartered: the crypto winter is over after Bitcoin's recovery above USD $60,000
Standard Chartered believes the crypto market has likely hit bottom after Bitcoin dropped to nearly USD $59,000. The bank links the possible trend reversal to falling oil prices, geopolitical signals in the Middle East, and a potential resurgence of flows into Bitcoin ETFs.
This insight comes after months of prolonged weakness in a market that has been battered since Bitcoin reached an all-time high of USD $126,000 in October. From that peak, the leading cryptocurrency experienced a decline that at one point exceeded 50%, a correction that Kendrick now asserts has reached its nadir.
In this context, Bitcoin was recently changing hands above USD $64,000, representing a 5% rise over the past week, according to CoinGecko.
Kendrick argued that Friday's events could act as catalysts for a crypto market that has been lukewarm in recent months.
Standard Chartered had issued a price target of USD $100,000 for Bitcoin in February. Kendrick's new commentary does not alter that reference but suggests that the path to that level could start from a stabilized base.
Additionally, he mentioned that Monday's announcement from Strategy would be significant in confirming that the Bitcoin-buying firm has expanded its holdings. Such corporate purchases are often seen as a long-term bullish signal for the asset.
In summary, Standard Chartered's thesis combines price, flows, geopolitics, and energy into a unified market reading. Bitcoin has bounced back above USD $64,000, but the bank makes it clear that a true cycle shift will depend on whether these variables begin to align sustainably.
Standard Chartered believes the crypto market has likely hit bottom after Bitcoin dropped to nearly USD $59,000. The bank links the possible trend reversal to falling oil prices, geopolitical signals in the Middle East, and a potential resurgence of flows into Bitcoin ETFs.
This insight comes after months of prolonged weakness in a market that has been battered since Bitcoin reached an all-time high of USD $126,000 in October. From that peak, the leading cryptocurrency experienced a decline that at one point exceeded 50%, a correction that Kendrick now asserts has reached its nadir.
In this context, Bitcoin was recently changing hands above USD $64,000, representing a 5% rise over the past week, according to CoinGecko.
Kendrick argued that Friday's events could act as catalysts for a crypto market that has been lukewarm in recent months.
Standard Chartered had issued a price target of USD $100,000 for Bitcoin in February. Kendrick's new commentary does not alter that reference but suggests that the path to that level could start from a stabilized base.
Additionally, he mentioned that Monday's announcement from Strategy would be significant in confirming that the Bitcoin-buying firm has expanded its holdings. Such corporate purchases are often seen as a long-term bullish signal for the asset.
In summary, Standard Chartered's thesis combines price, flows, geopolitics, and energy into a unified market reading. Bitcoin has bounced back above USD $64,000, but the bank makes it clear that a true cycle shift will depend on whether these variables begin to align sustainably.