Standard Chartered Sees Signs of Bitcoin Bottom

Standard Chartered’s Geoff Kendrick tells clients “winter is over” as the analyst said crypto prices have likely seen the low for the cycle, ahead of Strategy’s Bitcoin purchase update. Standard Chartered analyst Geoff Kendrick on Friday told clients that he believes crypto asset prices have seen the low in the current cycle and he is looking for confirmation in three indicators: Strategy’s reporting that it bought more Bitcoin last week; crypto exchange-traded funds (ETF) saw positive inflows on Friday; and, oil prices continue to break lower. “We have now seen the low in crypto asset prices for the cycle. That would be USD59k for BTC (53% down from USD126k high),” Kendrick said in a brief note to clients on Friday. The biggest crypto was last trading on Sunday at about $63,704, according to CoinMarketCap data. Depending on how investors read Strategy chief Michael Saylor’s near-weekly tweet issued earlier on Sunday, The first sign that Kendrick is watching for may have come. “Still adding dots,” was Saylor’s [message](https://x.com/saylor/status/2066139784997699672) that accompanied the now-familiar dot, or bubble, chart that the Strategy executive frequently includes in his social media posts teasing forthcoming BTC purchases. _Michael Saylor's tweet on Sunday had more than a half a million views by mid-afternoon, ET. Source:_[_Michael Saylor_](https://x.com/saylor/status/2066139784997699672)_on X.com_ As for the other indicators of a BTC bottom that StanChart’s global head of digital assets research cited, Bitcoin ETFs on Friday posted one-day net inflow of $85.84 million, with investors moving money into five of the funds while eight of the US-traded BTC ETFs had no net change, according to data tracked by [SoSoValue.com](http://sosovalue.com/). Crude oil futures fell on Friday for the second straight day, according to Yahoo Finance data.