TL;DR

• Standard Chartered’s Geoffrey Kendrick reportedly says Bitcoin’s $59,000 area marked the cycle bottom.
• The note cites SpaceX IPO-related capital rotation and easing oil-price pressure as key catalysts.
• Kendrick reportedly maintains a $100,000 year-end Bitcoin target and a $4,000 Ethereum target.

Standard Chartered Calls Bitcoin’s $59,000 Low The Cycle Bottom

Standard Chartered analyst Geoffrey Kendrick has reportedly called Bitcoin’s recent $59,000 area the cycle bottom, arguing that the latest downturn has ended and that crypto has moved into a new recovery phase.

The research note dated June 12 frames the low near $59,375 as a 53% retracement from Bitcoin’s all-time high of $126,000, set on Oct. 6, 2025. Kendrick’s quoted…