Standard Chartered analyst Geoffrey Kendrick has reportedly called Bitcoin’s recent $59,000 area the cycle bottom, arguing that the latest downturn has ended and that crypto has moved into a new recovery phase.
The research note dated June 12 frames the low near $59,375 as a 53% retracement from Bitcoin’s all-time high of $126,000, set on Oct. 6, 2025. Kendrick’s quoted line — “Winter is over. Welcome back to crypto Spring.” — captures the tone of the call.
The bank’s year-end targets remain bullish, with Bitcoin at $100,000 and Ethereum at $4,000. Kendrick also expects ETH to outperform BTC as the recovery develops.
Why SpaceX And Oil Matter To The Bitcoin CallThe argument is not based on price structure alone. Kendrick reportedly links the bottom call to two catalysts: the completion of the SpaceX IPO and progress around a US-Iran peace deal that could cap oil prices.
The SpaceX angle is unusual but important. The research note argues that more than $5.72 billion of spot Bitcoin ETF redemptions since mid-May reflected investors liquidating crypto exposure to free capital for the SpaceX IPO. With the IPO completed, that specific drain may fade.
The oil angle is macro-driven. Lower Brent and WTI crude prices, reportedly around $87 and $85 a barrel, could reduce inflation pressure, cool Treasury yields and improve the liquidity backdrop for risk assets, including crypto.
The Confirmation ChecklistKendrick is watching three confirmation signals: a return to net positive US spot Bitcoin ETF inflows, renewed corporate treasury buying and falling oil prices. That gives the call a useful framework rather than a simple bullish headline.
The risk is that all three inputs can change quickly. ETF flows can remain negative if sentiment stays weak, corporate treasury buying can disappoint, and geopolitics around Iran remains volatile. A later shift in policy headlines or oil prices could weaken the bottom thesis.
The key point is that Standard Chartered is treating $59,000 as a macro and flow-based bottom, not just a chart level. That makes the next round of ETF data and oil-price movement especially important for traders watching the call.
The call also matters because it gives traders a clean level to test. If Bitcoin holds above the $59,000 area and ETF flows stabilize, the bottom thesis gains credibility. If the market loses that zone again, the argument that the cycle low is already locked in becomes harder to defend.
The next signal is likely to come from flows rather than slogans. A recovery in spot ETF demand, combined with calmer oil markets and renewed corporate treasury buying, would support Kendrick’s view that the selling pressure was temporary rather than structural.
