TL; DR
- Standard Chartered’s Geoffrey Kendrick says that Bitcoin’s $59,000 area is the bottom.
- The article cites the SpaceX IPO related to economic volatility and lower oil prices as a major contributor.
- Kendrick says he has a $100,000 year-end investment in Bitcoin and a target of $4,000 in Ethereum.
Standard Chartered Calls Bitcoin’s $59,000 Low The Cycle Bottom
Standard Chartered analyst Geoffrey Kendrick says he called Bitcoin recently $59,000 in the area of the bottom cycle, arguing that the recent decline is over and that the crypto has moved to a new stage of recovery.
The June 12 research note makes a low near $59,375 as a 53% retracement from Bitcoin’s all-time high of $126,000, which was established on Oct. 6, 2025. Line Kendrick wrote – “Winter is over. Welcome back to crypto Spring.” – captures the tone of the song.
Year-end bank targets remain strong, with Bitcoin at $100,000 and Ethereum at $4,000. Kendrick also expects ETH to outperform BTC as the recovery grows.
Why SpaceX And Oil Need Bitcoin Calls
This argument is not based on price alone. Kendrick says he is tying the call down to two things: the completion of the SpaceX IPO and progress on a US-Iran peace deal that could lower oil prices.
SpaceX’s role is unusual but important. The survey reports that more than $5.72 billion in Bitcoin ETF redemptions since May shows that investors are limiting exposure to crypto and the free capital of the SpaceX IPO. Once the IPO is completed, that drain may disappear.
The fuel system is macro-driven. The high prices of Brent and WTI, which are about $ 87 and $ 85 a barrel, can reduce the rate of inflation, cool Treasury yields and improve the return of risky products, including crypto.
Checklist
Kendrick sees three positive signs: a return to positive territory for US Bitcoin ETF inflows, a recovery in the corporate economy and lower oil prices. This gives the call a useful framework instead of a simple bullish theme.
The danger is that all three inputs can change very quickly. ETF movements could be negative if sentiment remains weak, corporate asset purchases may disappoint, and politics surrounding Iran remain volatile. Later changes in policy topics or oil prices could weaken the outlook.
What is important is that Standard Chartered sees $59,000 as a significant and fundamental level, not just a chart. This makes the next round of ETF data and oil price movements important for traders watching the call.
This report is based on primary and secondary sources in the market. Check out Standard Chartered’s research page.
The call is also important because it gives traders a clean benchmark to measure against. If Bitcoin is holding above the $59,000 area and the ETF is doing well, this point gains credibility. If the market loses that sector again, the argument that the cycle is already closed is difficult to defend.
The next sign may come from gestures rather than words. The rebound in ETF demand, combined with the subdued oil markets and corporate asset purchases, may support Kendrick’s view that the sell-off was temporary rather than systemic.
