Kendrick declares 'crypto spring' as bitcoin signals
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- Standard Chartered's Geoffrey Kendrick wrote 'Winter is over. Welcome back to crypto Spring,' arguing bitcoin's decline to roughly $59,000 represented the cycle low.
- Strategy (MSTR) disclosed it purchased another 1,587 BTC last week, satisfying the corporate-buying condition on Kendrick's three-part checklist for renewed confidence.
- U.S. spot bitcoin ETFs posted $86 million in net inflows on Friday, ending a stretch of redemptions Kendrick had called among the sharpest since the products launched in January 2024.
- Oil prices continued moving lower, easing inflation fears — the third condition on Kendrick's checklist, which all materialized by Monday.
- Kendrick said bitcoin needs to break above the $83,000 level from early May to technically confirm a new uptrend, with the cryptocurrency trading around $66,300.
- Coinbase CEO Brian Armstrong said Monday he believes bitcoin may have already bottomed near $60,000 and remains 'as bullish as ever.'
Why it matters: Three independent bullish signals (corporate buying, ETF flows, easing macro) aligned within a single weekend, giving Kendrick and Armstrong rare agreement. But bitcoin at $66,300 still sits roughly 25% below the $83,000 level Kendrick says is needed to technically confirm a new uptrend.
