Standard Chartered Says Crypto Winter Is Over, Bitcoin Has Already Bottomed
Summary
- Standard Chartered said the digital-asset market has already passed its bottom despite the recent plunge in Bitcoin (BTC), adding that "the crypto winter is over."
- Geoff Kendrick said BTC has fallen about 53%% from its record high of $126,000, marking the steepest correction of this cycle and signaling the potential for a rebound.
- A US-Iran peace agreement and a SpaceX IPO could improve investor sentiment, while caution persists because of spot BTC ETF outflows and slowing institutional demand.
Forecast Trend Report by Period
Standard Chartered said the digital-asset market has already moved past its low despite Bitcoin’s recent selloff.
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 crypto market’s bottom is already behind it. “The crypto winter is over,” he said.
Kendrick said the decline left Bitcoin down about 53% from its record high of $126,000 reached in October last year, marking the steepest correction of this cycle.
He cited the possibility of a peace agreement between the US and Iran as a factor that could help fuel the next market rebound.
A SpaceX initial public offering could also serve as a catalyst to improve investor sentiment after several weak months for the crypto market, he added.
Market attention has recently focused on whether US-Iran talks will make progress and whether appetite for global risk assets will continue to recover.
Some investors remain cautious, however, citing outflows from spot Bitcoin ETFs and slowing institutional demand as reasons to wait for further confirmation.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
