Standard Chartered analyst says Bitcoin hits bottom at $59K, ending crypto winter

Bitcoin has shed more than half its value since October 2025, and one of Wall Street’s most prominent crypto analysts thinks that’s about as bad as it gets.

Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, declared in a June 12 client note that Bitcoin’s drop to roughly $59,000 marks the definitive cycle bottom. In English: crypto winter is over, according to the bank, and the only direction from here is up.

The case for $59K as the floor

Bitcoin peaked at $126,000 in October 2025, then proceeded to fall 53% to its recent low around $59,000. Kendrick’s position is that this $59,000 level represents a hard floor. He does not expect prices to breach it again during this cycle.

Standard Chartered has set a year-end 2026 price target of $100,000 for Bitcoin, implying roughly 70% upside from current levels. The bank previously had even loftier targets, including $150,000, which were adjusted downward as market conditions deteriorated.

The confirmation signals that matter

Kendrick has outlined a specific set of conditions that need to materialize before the recovery thesis gains real traction.

First, renewed ETF inflows. In June 2026, ETF outflows have exceeded $2 billion within the month, a meaningful sign that institutional investors are pulling back rather than accumulating.

Second, corporate treasury purchases. Think MicroStrategy and its imitators, the companies that have made buying Bitcoin a core business strategy.

Third, decreasing oil prices. Kendrick ties this to potential macroeconomic catalysts, specifically the prospect of a US-Iran peace deal. Lower oil prices would ease inflationary pressures, potentially giving central banks room to cut rates.

What the market looks like right now

Beyond the $2 billion in ETF outflows, leverage across crypto exchanges has been significantly reduced. Traders have been unwinding leveraged positions, which typically happens during capitulation events.

Bitcoin’s 2017-2018 bear market saw an 84% drawdown. The 2021-2022 cycle delivered roughly 77%. A 53% correction is brutal by traditional asset standards, but almost modest by Bitcoin’s own history.

Standard Chartered has consistently maintained a constructive long-term view on Bitcoin even as it adjusted near-term targets, framing each price correction as a potential accumulation opportunity rather than a reason to exit.

What this means for investors

If Kendrick is right and Bitcoin does reach $100,000 by year-end, buying at $59,000 represents a roughly 70% return in six months.

Investors watching this call should pay closest attention to three data points in the coming weeks: daily ETF flow numbers, on-chain data tracking large corporate wallet accumulation, and oil price movements tied to geopolitical developments.