StanChart: BTC Has Bottomed, 'Crypto Spring' Is Here
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- Standard Chartered's Geoff Kendrick told clients Friday he believes crypto has seen the cycle low, pegging the BTC bottom at "USD59k (53% down from USD126k high)" and closing his note: "Winter is over. Welcome back to crypto Spring."
- Kendrick named three confirmation signals: Strategy's reporting of a BTC purchase for last week, positive Bitcoin ETF inflows, and oil prices continuing to break lower.
- Michael Saylor's Sunday tweet — "Still adding dots" with his signature bubble chart — racked up more than 500,000 views by mid-afternoon ET, potentially delivering the first of Kendrick's three signals.
- Bitcoin ETFs posted $85.84 million in one-day net inflows on Friday, with five funds gaining money and eight US-traded BTC ETFs flat, per SoSoValue data.
- BTC was last trading around $63,704 on Sunday per CoinMarketCap, above Kendrick's $59k projected low.
- Crude oil futures fell Friday for a second straight day per Yahoo Finance, ticking the second box on Kendrick's confirmation checklist.
Why it matters: If $59k holds as the BTC cycle low, the 53% drawdown from $126k is the floor and any dip-buying since pays off; Saylor's "Still adding dots" tweet is the first of three signals Kendrick needs to confirm his call, and the source notes a separate June 1 Strategy disclosure of its first BTC sale since 2022 shows even the loudest accumulator is willing to trim when digital credit demands it.
