Standard Chartered: Bitcoin might have found its bottom, the market is entering a new recovery phase
Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered, believes Bitcoin has likely completed its bottoming process around the $59,000 mark, signaling the end of the prolonged downtrend in the crypto market.
According to him, after a drop of about 53% from the cycle peak of $126,000 down to the $59,000 zone, Bitcoin has established a solid price base and is showing clear signs of recovery. Kendrick asserts that "the crypto winter is over," paving the way for a new growth cycle in the market.
He continues to maintain his forecast of Bitcoin reaching $100,000 and Ethereum hitting $4,000 by the end of this year. The main driver behind this is the waning selling pressure from U.S. spot Bitcoin ETFs, while the macro environment is showing signs of improvement as oil prices cool off and U.S. bond yields ease pressure on risk assets.
To confirm that the market bottom has truly been set, Kendrick mentioned he will be monitoring three crucial factors: the inflow of funds back into spot Bitcoin ETFs, additional Bitcoin purchases from Michael Saylor, and the continued downward trend in global oil prices.
If these signals align, Standard Chartered believes the crypto market may be entering a stronger recovery phase in the second half of 2026.
Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered, believes Bitcoin has likely completed its bottoming process around the $59,000 mark, signaling the end of the prolonged downtrend in the crypto market.
According to him, after a drop of about 53% from the cycle peak of $126,000 down to the $59,000 zone, Bitcoin has established a solid price base and is showing clear signs of recovery. Kendrick asserts that "the crypto winter is over," paving the way for a new growth cycle in the market.
He continues to maintain his forecast of Bitcoin reaching $100,000 and Ethereum hitting $4,000 by the end of this year. The main driver behind this is the waning selling pressure from U.S. spot Bitcoin ETFs, while the macro environment is showing signs of improvement as oil prices cool off and U.S. bond yields ease pressure on risk assets.
To confirm that the market bottom has truly been set, Kendrick mentioned he will be monitoring three crucial factors: the inflow of funds back into spot Bitcoin ETFs, additional Bitcoin purchases from Michael Saylor, and the continued downward trend in global oil prices.
If these signals align, Standard Chartered believes the crypto market may be entering a stronger recovery phase in the second half of 2026.