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Standard Chartered: Bitcoin may have already touched the current market cycle low

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Crypto news. Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, said that Bitcoin (BTC) is currently trading at about $66,459.26 and may have already hit the low point of the current market cycle. He believes that a combination of inflows from investors, corporate purchases, and easing macroeconomic pressures points to a stronger recovery. On Friday last week, Kendrick told clients that Bitcoin’s drop to around $59,000 represents the cycle low. To build confidence, he wants to see three developments: Strategy (MSTR) repurchasing Bitcoin, ETF inflows returning to positive growth, and oil prices continuing to weaken. Strategy disclosed last week that it also bought another 1,587 Bitcoins. U.S. spot Bitcoin ETFs recorded a net inflow of $86 million last Friday, while oil prices continued to fall, easing concerns that high energy costs could drive inflation and push bond yields higher. Kendrick said, “The winter is over—welcome back to crypto spring.”
BTC3.87%
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0XsundayCook
· 6h ago
Among the three signals, oil prices are the most unexpected; it turns out there's this layer with crypto as well.
View OriginalReply0
HedgeHedgeBaby
· 6h ago
ETF saw 86 million in inflows last week; institutions didn't exit.
View OriginalReply0
SnackFi
· 6h ago
59k bottom? I hope my position is telling the truth.
View OriginalReply0
EchoesOfMistValley
· 6h ago
MSTR is still buying, Saylor is really a perpetual motion machine
View OriginalReply0
GateUser-aa277334
· 6h ago
Kendrick’s view seems quite solid—around 66k, it really did grind there for a long time.
View OriginalReply0

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