Standard Chartered head of digital asset research Geoffrey Kendrick says bitcoin It may have already reached its lowest point for the current market cycle, arguing that a combination of improving investor flows, corporate buying and easing macroeconomic pressures points to a stronger recovery ahead.
The latest call marks a shift in sentiment after several months in which crypto markets struggled with rising geopolitical tensions, inflation concerns, and persistent outflows from U.S. spot bitcoin exchange-traded funds (ETFs).
Last Friday, Kendrick told clients that he believed bitcoin’s drop to about $59,000 represented the cycle low. At the time, however, he outlined three developments he wanted to see before gaining more confidence in that view: renewed bitcoin buying by Strategy (MSTR), a return to positive ETF inflows, and continued weakness in oil prices.
By Monday, all three had materialized.
Strategy, the largest corporate holder of bitcoin, revealed that it purchased another 1,587 BTC last week. US spot bitcoin ETFs recorded net inflows of $86 million on Friday after a series of notable redemptions. Oil prices also continued to decline, reducing concerns that higher energy costs could drive up inflation and bond yields.
