Standard Chartered (LON: STAN), the British multinational bank, has declared that the cryptocurrency market has most likely reached its lowest point and is poised for recovery.
Geoffrey Kendrick, the bank’s global head of digital assets research, identified Bitcoin’s recent decline to $59,000 as the cycle low for the world’s largest cryptocurrency.
Kendrick noted that Bitcoin fell 53% from a peak of $126,000 reached last October, a significant correction that he believes will not be repeated.
The analyst argued that Bitcoin (CRYPTO: BTC) is unlikely to fall below the $60,000 threshold again, signaling that the worst of the downturn has already passed.
Kendrick pointed to two specific catalysts that could serve as turning points for the broader crypto market and drive renewed momentum in Bitcoin’s price.
The first potential catalyst is a U.S.-Iran peace deal, which Kendrick believes could strip away a considerable layer of geopolitical uncertainty weighing on risk assets globally.
The second catalyst he identified is the anticipated SpaceX initial public offering, which may bring an end to a sustained period of heavy selling by Bitcoin exchange-traded fund holders.
Kendrick also called on Strategy (NASDAQ: MSTR) to ramp up its Bitcoin purchases, arguing that increased buying from the firm would provide meaningful support to any price recovery.
In a note to clients, Kendrick wrote, “Winter is over. Welcome back to crypto Spring,” capturing his bullish shift in outlook with striking confidence.
He reiterated a year-end price target of $100,000 for Bitcoin, a forecast he had previously set and continues to stand behind heading into the second half of 2026.
“When we look back at the end of 2026 with Bitcoin at $100k we will say this was the buying zone we all wanted,” Kendrick wrote, framing the current price range as a rare accumulation opportunity.
Bitcoin was trading at $63,300 on June 12, reflecting a modest recovery from the cycle low Kendrick identified as the market’s turning point.
