Standard Chartered believes the Bitcoin bottom is in after BTC touched $59,000. The bank says crypto winter may be over as ETF inflows, lower oil prices, and institutional demand support a recovery.
The cryptocurrency market may finally be turning a major corner. According to global banking giant Standard Chartered, the worst phase of the current crypto downturn could already be behind us. The bank now believes the Bitcoin bottom is in, with BTC finding strong support around the $59,000 level before beginning its latest recovery.
This optimistic outlook comes after months of uncertainty, market volatility, and concerns about a prolonged crypto winter.
Standard Chartered Sees $59K as Bitcoin’s Cycle Low
Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, recently stated that Bitcoin likely established its cycle bottom at approximately $59,000. The level represents a significant correction of around 53% from Bitcoin’s previous peak near $126,000.
The latest assessment marks a notable change from the bank’s earlier outlook. Back in February, Standard Chartered had warned that Bitcoin could fall as low as $50,000 before a meaningful recovery emerged. However, current market developments have prompted analysts to revise their view.
According to Kendrick, recent price action suggests that the market may have already completed its major correction phase.
Why Standard Chartered Believes Crypto Winter Is Ending
Several factors are contributing to the bank’s bullish stance on digital assets.
1. Improving ETF Flows
Spot Bitcoin ETFs remain one of the biggest drivers of institutional demand. Analysts expect renewed inflows into Bitcoin investment products as investor confidence improves.
A return to positive ETF activity could provide strong support for Bitcoin prices throughout the second half of the year.
2. Falling Oil Prices
Standard Chartered also highlighted lower energy prices as a positive macroeconomic signal. Weakening oil markets can help reduce inflationary pressures, potentially creating a more favorable environment for risk assets such as cryptocurrencies.
3. Institutional Bitcoin Buying
The bank is closely monitoring additional Bitcoin purchases from major corporate holders. Continued accumulation by large institutions could reinforce confidence that the market has already established its bottom.
“Crypto Spring” Has Arrived
In one of the most bullish statements from the report, Kendrick suggested that the crypto winter may officially be over.
The analyst described the current market phase as the beginning of a new recovery cycle, referring to it as “crypto spring.” The comment reflects growing confidence that digital assets are entering a healthier market environment after an extended period of weakness.
Investor sentiment has already started improving as Bitcoin trades well above its recent lows.
Long-Term Bitcoin Forecast Remains Extremely Bullish
While Standard Chartered reduced some of its short-term price forecasts earlier this year, the bank remains highly optimistic about Bitcoin’s long-term future.
Its latest long-range projections continue to target:
- Bitcoin (BTC): $500,000 by 2030
- Ethereum (ETH): $40,000 by 2030
- Solana (SOL): $2,000 by 2030
- XRP: $28 by 2030
These forecasts suggest that institutional analysts still see substantial upside potential across the broader cryptocurrency market despite recent volatility.
What Investors Should Watch Next
Market participants will be closely watching several key indicators in the coming weeks:
- Bitcoin ETF inflow trends
- Corporate Bitcoin purchases
- Global economic developments
- Oil price movements
- Institutional investment activity
If these factors continue improving, Standard Chartered’s prediction that the Bitcoin bottom is in could gain additional credibility.
