The bank says Bitcoin likely bottomed near $59,000, with ETF flows, MicroStrategy buying, a possible SpaceX Nasdaq IPO and oil prices seen as signals for a broader recovery.
Standard Chartered senior market analyst Geoffrey Kendrick said Bitcoin has likely bottomed near $59,000, which he described as the end of the latest crypto market downturn after a 53% decline from its previous $126,000 record high. In a Friday report, Kendrick said easing selling pressure in spot Bitcoin ETFs tied to a potential SpaceX Nasdaq IPO and lower oil prices linked to expected US-Iran peace progress could help stabilize the market. He said he will watch MicroStrategy buying and whether daily flows for US spot Bitcoin ETFs turn net positive as key indicators of whether a broader recovery is taking hold.