Standard Chartered: Bitcoin hits cycle low, targets $100K

Standard Chartered says Bitcoin’s $59,000 drop marks a cycle low. Recovery hinges on oil prices, ETF inflows, and institutional buying. The bank keeps a $100,000 year-end target.

Standard Chartered analysts believe the crypto market has reached its cycle low after Bitcoin’s recent drop to around $59,000, a 53% decline from its peak of $126,000. Geoff Kendrick, the bank’s global head of digital asset research, points to several potential catalysts for a market reversal. These include a possible U.S.-Iran peace agreement, declining oil prices, renewed inflows into Bitcoin ETFs, and increased institutional Bitcoin purchases. The recent SpaceX IPO is also mentioned as a factor influencing capital flows. Kendrick maintains a year-end Bitcoin price target of $100,000, suggesting that the recent lows could present a key buying opportunity. While multiple reports suggest the crypto winter may be over, confirmation depends on sustained positive trends in oil prices, ETF inflows, and institutional activity.