Standard Chartered Says Crypto Winter Is Over, Bitcoin Has Passed Bottom
Summary
- Standard Chartered said the bottom in the digital-asset market has already passed despite the recent plunge in Bitcoin (BTC).
- Geoff Kendrick said the latest correction was the harshest of this cycle, with Bitcoin down about 53%% from its previous peak, and said the crypto winter is over.
- He said a potential U.S.-Iran peace agreement and a SpaceX IPO could act as catalysts to improve investor sentiment in the crypto market, while caution persists over outflows from spot Bitcoin ETFs and slowing institutional demand.
Forecast Trend Report by Period
Standard Chartered said the digital-asset market has already moved past its bottom despite Bitcoin’s recent slump.
Decrypt reported on June 12 that Geoff Kendrick, the bank’s head of digital-asset research, said Bitcoin recently fell to about $59,000 but the market low is already behind it. “Crypto winter is over.”
He described the drop as the steepest correction of this cycle, with Bitcoin down about 53% from its peak of $126,000 in October last year.
Kendrick cited the possibility of a peace agreement between the U.S. and Iran as a factor that could help drive the next market rebound.
He also said a SpaceX initial public offering could serve as a catalyst for improving investor sentiment in the crypto market after several weak months.
Markets have recently focused on the prospects for progress in U.S.-Iran negotiations and on whether appetite for global risk assets will recover.
Still, some investors remain cautious as outflows from spot Bitcoin ETFs and weaker institutional demand continue, suggesting the market may need further confirmation.
