Standard Chartered analyst Geoff Kendrick declared the cryptocurrency market has hit its cycle bottom, pointing to three confirming indicators. Bitcoin recently traded around $63,704, well above the cited low of $59,000. Kendrick cited potential new buying from MicroStrategy, positive ETF inflows, and falling oil prices as signals of a market recovery.
Analyst Geoff Kendrick of Standard Chartered stated crypto asset prices have reached their low for the current cycle. He identified this low at approximately $59,000 for Bitcoin, a 53% decline from its high of around $126,000.
Kendrick is awaiting confirmation from three specific market indicators. The first is further Bitcoin purchases by business intelligence firm MicroStrategy, hinted at by executive chairman Michael Saylor‘s social media activity.
Saylor posted a message stating “Still adding dots,” which frequently precedes company Bitcoin acquisitions. This aligns with the first indicator Kendrick is monitoring for a confirmed market bottom.
The second indicator cited was positive inflows into spot Bitcoin exchange-traded funds. Data from SoSoValue.com shows these ETFs saw a net inflow of $85.84 million last Friday.
The third signal is a continued decline in crude oil prices. Oil futures fell for a second consecutive day, according to market data.
Kendrick concluded his analysis by stating, “Winter is over. Welcome back to crypto Spring.” Separately, Saylor recently defended MicroStrategy‘s first reported Bitcoin sale since 2022.
The company sold 32 Bitcoin in early June, which appeared contrary to Saylor’s typical stance. He explained the ability to sell is necessary for supporting dividend-paying securities and other Bitcoin-backed credit products.
