Standard Chartered Calls Crypto Bottom As Bitcoin Price Recovers From $59,000 Low

Standard Chartered's Geoff Kendrick suggests Bitcoin's dip to $59,000 may indicate a market bottom, signaling an optimistic turn for crypto traders.

Have we finally reached the bottom of the crypto market? According to Standard Chartered’s head of digital asset research, Geoff Kendrick, Bitcoin's recent dip to approximately $59,000 may signal just that—marking the end of a 53% drawdown from its all-time high of $126,000 last October. As the sentiment turns more optimistic, let’s dive into what this means for traders and the broader market. Could We Be Witnessing a Crypto Spring? This past Friday, Kendrick declared that the crypto winter is over, saying, “Welcome back to crypto spring.” In his analysis, he noted that with Bitcoin recovering to around $64,000 , it has already gained about 5% over the prior week, suggesting renewed energy in the market. Standard Chartered maintains a bold year-end price target of $100,000 for Bitcoin, a projection first issued back in February. So what could be driving this resurgence? What Catalysts Are Driving Bitcoin's Recovery? Kendrick pointed out two major catalysts that could be impacting the price dynamics of Bitcoin. The first is the recent IPO of Elon Musk’s SpaceX , which had a significant impact on crypto liquidity. The long-anticipated Nasdaq debut priced at $135 per share on June 12, 2026, and opened sharply above this price, gaining around 20% on its debut day. Kendrick argued that recent outflows from Bitcoin ETFs—totaling over $5.72 billion since early May—were partly due to investors liquidating their crypto positions to allocate funds for SpaceX. With the IPO concluded, this particular selling pressure may finally ease. Could Geopolitical Developments Impact Market Sentiment? The second significant factor involves geopolitical tensions, particularly a potential peace deal between the U.S. and Iran, which could help stabilize oil supplies amid ongoing conflicts in the Middle East. Lower oil prices could lead to decreased Treasury yields, making risk assets like crypto more appealing. On Friday, West Texas Intermediate crude fell about 1.5% , settling around $85–$8