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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
06/13/2026

Standard Chartered Analyst Declares $59K Was Bitcoin’s Cycle Low

What happened: Geoffrey Kendrick, Standard Chartered’s Global Head of Digital Assets Research, claimed in a June 12 note that Bitcoin’s drop to $59,375 on June 5 marked the end of the "crypto winter.

Standard Chartered Analyst Declares $59K Was Bitcoin’s Cycle Low

What happened: Geoffrey Kendrick, Standard Chartered’s Global Head of Digital Assets Research, claimed in a June 12 note that Bitcoin’s drop to $59,375 on June 5 marked the end of the "crypto winter." Kendrick cited the SpaceX IPO and a potential U.S.-Iran peace deal as catalysts for renewed optimism. He set year-end targets of $100,000 for BTC and $4,000 for ETH, but emphasized the need for confirmation via capped oil prices, renewed corporate treasury buying, and positive ETF inflows.

Why it matters: Kendrick’s call is significant given Bitcoin’s 53% drawdown from its October 2025 all-time high of $126,000 and persistent ETF outflows exceeding $5.72 billion since mid-May. However, the bullish thesis faces skepticism, with other analysts and political developments—such as former President Trump’s public contradiction of the Iran deal—casting doubt on the catalysts. The debate underscores the market’s sensitivity to macro events and the contested nature of cycle-bottom calls.

Source: CoinDesk, Crypto Briefing, Benzinga