Standard Chartered’s Kendrick Says Crypto Prices May Have Bottomed, Citing Three Indicators

Standard Chartered analyst Geoff Kendrick told clients on Friday that he believes crypto asset prices have already hit the low for the current cycle and said he is watching three signals for confirmation: Strategy reporting another Bitcoin purchase last week, positive inflows into crypto exchange-traded funds on Friday, and crude oil prices continuing to fall. According to Cointelegraph, Kendrick wrote in a brief note that the cycle low would be $59k for Bitcoin, which he described as 53% down from a $126k high. Bitcoin was last trading on Sunday at about $63,704, based on CoinMarketCap data. Kendrick suggested the first indicator may be nearing confirmation depending on how investors interpret Strategy chief Michael Saylor’s near-weekly social media messaging. Earlier on Sunday, Saylor posted “Still adding dots,” alongside the dot-style chart he frequently uses to hint at forthcoming Bitcoin purchases. Kendrick ended his note with the line: “Winter is over. Welcome back to crypto Spring.“

Kendrick’s other indicators included ETF flows and oil prices. Bitcoin ETFs posted a one-day net inflow of $85.84 million on Friday, with investors adding money to five funds, while eight U.S.-traded Bitcoin ETFs recorded no net change, according to data tracked by SoSoValue.com. Separately, crude oil futures fell on Friday for the second straight day, according to Yahoo Finance data. The Cointelegraph report also highlighted Strategy’s recent disclosure of its first reported Bitcoin sale since 2022. In a June 1 filing with the U.S. Securities and Exchange Commission, Strategy reported selling 32 BTC, a move that contrasted with Saylor’s long-running “never sell your Bitcoin” stance. Saylor defended the sale, telling Cointelegraph at the BTC Prague conference that the ability to sell Bitcoin is necessary to continue issuing “digital credit,” adding that Bitcoin treasury companies must retain flexibility to sell holdings when needed to support dividend-paying securities and other BTC-backed credit products.