Standard Chartered Declares Bitcoin Bottom at $59,000, Crypto Winter Over

Standard Chartered's Geoffrey Kendrick declared in a client note that Bitcoin has reached its definitive cycle low at approximately $59,000, marking the end of the crypto winter. The $59,375 intraday low on June 5 represents a 53% decline from Bitcoin's all-time high of $126,000 set on October 6, 2025. Kendrick cites two catalysts: the SpaceX IPO, which caused $5.72 billion in Bitcoin ETF outflows as investors rotated capital, and a potential G7 peace deal between the US and Iran that could lower oil prices and reduce Treasury yields. However, Trump later reversed course on the deal. Kendrick expects confirmation signals including net-positive ETF inflows, renewed corporate buying from Michael Saylor's Strategy, and falling oil prices. Standard Chartered maintains a year-end 2026 price target of $100,000 for Bitcoin and $4,000 for Ether. The total crypto market cap stands at $2.277 trillion.