Standard Chartered Says Bitcoin Hit $59K Cycle Bottom After June 12 Note

Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, told clients in a June 12 note that bitcoin’s drop to roughly $59,000 marks the definitive cycle bottom, framing it as a shift from “crypto winter” to “crypto Spring.”

“Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, declared in a June 12 client note that bitcoin’s drop to roughly $59,000 marks the definitive cycle bottom”

Bitbo

Kendrick anchored the call to bitcoin’s 53% decline from an October 2025 peak of $126,000 and said he does not expect prices to breach the $59,000 level again this cycle.

Bitbo

The bank’s year-end 2026 target was set at $100,000 for bitcoin, implying upside from levels near $63,000, while Standard Chartered also maintained a $4K year-end target for Ethereum.

TradingView and CoinMarketCap data cited in the coverage put bitcoin last trading on Sunday at about $63,704, after the note circulated with bitcoin changing hands in the $63K to $64K range.

Kendrick said he was looking for confirmation in three indicators, including Strategy’s reporting that it bought more Bitcoin last week, positive inflows into crypto exchange-traded funds on Friday, and oil prices continuing to break lower.

In the same framing, Kendrick told clients, “We have now seen the low in crypto asset prices for the cycle. That would be USD59k for BTC (53% down from USD126k high),” tying the bottom call to the $59K level.

Cointelegraph

SoSoValue data tracked in the coverage showed Bitcoin ETFs posted one-day net inflow of $85.84 million on Friday, with investors moving money into five funds while eight of the US-traded BTC ETFs had no net change.

Crude oil futures fell on Friday for the second straight day, according to Yahoo Finance data, and the coverage linked that macro backdrop to the timing of Kendrick’s “winter is over” message.

The coverage tied Kendrick’s bottom thesis to corporate treasury behavior, pointing to Strategy chief Michael Saylor’s near-weekly social media posts and a Sunday message that read “Still adding dots.”

“Standard Chartered sees signs of Bitcoin bottom ahead of Strategy update The bank's digital assets chief tells clients 'winter is over' as Bitcoin stabilizes near $63K after a brutal 53% drawdown from its October peak”

Crypto Briefing

Strategy’s reported activity sat alongside a June 1 filing with the US Securities and Exchange Commission disclosing it offloaded 32 BTC, and Saylor defended the sale as necessary for Strategy’s “digital credit” model.

At the BTC Prague conference, Saylor told Cointelegraph, “If the company's policy is that we won't sell the Bitcoin, then the credit won't have value and the equity won't have value,” linking the ability to sell holdings to dividend-paying securities and other BTC-backed credit products.

The same reporting also highlighted that Kendrick’s “winter is over” framing depends on whether ETF inflows and macro conditions persist, with Bitbo noting that June 2026 had already seen more than $2 billion in outflows.