Standard Chartered Says Bitcoin Bottom Is in After $59,000 Low
Standard Chartered Bank’s global head of digital assets research, Geoffrey Kendrick, said on June 12 that crypto asset prices have likely reached their cycle low, placing bitcoin’s floor at $59K after a 53% decline from its $126K high. Kendrick connected the call to catalysts emerging this week.
The assessment marked a shift from Standard Chartered’s February outlook, when the bank projected bitcoin could fall toward $50,000 before recovering later in the year. Kendrick’s latest note indicated the market may have already established its cycle low at $59,000.
He wrote:
“I think we have now seen the low in crypto asset prices for the cycle. That would be $59K for BTC (53% down from $126K high).”
The head of digital assets research identified two developments that could support the shift. He cited a G7-related U.S.-Iran peace deal, which could pressure oil prices and U.S. Treasury yields. He also pointed to the SpaceX IPO, saying exchange-traded fund (ETF) holders had been selling bitcoin exposure to free up cash for the offering.
Confirmation would require several markers, according to Kendrick. He wants to see Strategy (Nasdaq: MSTR) announce additional bitcoin purchases on Monday. He also said a return to positive ETF inflows and continued declines in oil prices would help validate the call.
ETF Selling and Macro Headwinds Shaped Earlier Bitcoin Outlook
Kendrick’s latest note marked a shift from that outlook, with the bank’s head of digital assets research stating that bitcoin likely established its cycle low at $59,000. He wrote on June 12:
“Winter is over. Welcome back to crypto Spring.”
Long-Term Crypto Forecasts Hold Despite 2026 Reductions
Forecast revisions in the February report lowered the bank’s end-2026 targets to $100,000 for bitcoin and $4,000 for ethereum. Standard Chartered had previously projected $150,000 for BTC and $7,500 for ETH, while leaving its end-2030 forecasts unchanged.
Long-term targets remained at $500,000 for bitcoin, $40,000 for ethereum, $2,000 for solana ( SOL), and $28 for XRP. The bank also reduced its forecasts across 2027, 2028, and 2029.
The February research note stated:
“Once the lows have been reached, we expect the asset class to recover for the rest of 2026.”
