Standard Chartered analyst Geoffrey Kendrick’s bullish outlook comes as spot Bitcoin ETF inflows turn positive again, oil prices ease, and Coinbase CEO Brian Armstrong says Bitcoin may already have bottomed near $60,000.
Standard Chartered head of digital assets research Geoffrey Kendrick said Bitcoin (BTC) may have already formed a cycle low, arguing that improving capital flows, renewed corporate accumulation, and softer macro conditions are pointing toward a potential recovery phase.
His latest view reflects a shift in sentiment after months of pressure on crypto markets driven by geopolitical uncertainty, inflation concerns, and sustained outflows from U.S. spot Bitcoin ETFs.
Last Friday, Kendrick told clients that Bitcoin’s drop to roughly $59,000 likely marked the cycle bottom. However, he said three confirmations were needed to strengthen that thesis: renewed buying from Strategy (MSTR), positive ETF inflows, and continued weakness in oil prices.
By Monday, all three had materialized.
Strategy, the largest corporate Bitcoin holder, reported a purchase of 1,587 BTC last week. U.S. spot Bitcoin ETFs posted $86 million in net inflows on Friday after a prolonged stretch of outflows. At the same time, oil prices continued to decline, easing inflation and bond yield pressures.
“Winter is over. Welcome back to crypto Spring,” Kendrick wrote.
ETF flows remain a key focal point, as spot Bitcoin ETFs have become one of the primary demand sources since their launch in January 2024. Kendrick also noted that recent outflows ranked among the largest since inception, suggesting some investors may have been reallocating ahead of major IPOs such as SpaceX, though he described this as anecdotal.
Broader conditions have also improved, with easing U.S. regulatory friction around crypto derivatives and rising institutional participation supporting sentiment. Kraken also recently launched regulated perpetual futures for U.S. clients, adding to the onshore expansion trend.
At the same time, corporate treasury allocations to Bitcoin continue to grow.
Still, Kendrick said a key technical threshold remains in place.
He noted that Bitcoin has repeatedly formed lower highs in recent rallies, and said a breakout above $83,000 — the level reached in early May — is needed to confirm a stronger uptrend. Bitcoin was trading near $66,300 at press time, up about 1% over the past 24 hours.
Coinbase CEO Brian Armstrong also said on Monday that Bitcoin may already have bottomed around $60,000 and that he remains firmly bullish on its long-term trajectory.
If Bitcoin clears resistance, Kendrick believes it would further validate the start of a new upward cycle.
