- Standard Chartered said the digital-asset market has already passed its bottom despite the recent plunge in Bitcoin (BTC), adding that “the crypto winter is over.”
- Geoff Kendrick said BTC has fallen about 53%% from its record high of $126,000, calling it the steepest correction of the current cycle and signaling the potential for a rebound.
- He said a U.S.-Iran peace agreement and a SpaceX IPO could serve as catalysts for improved investor sentiment, while caution persists because of spot Bitcoin ETF outflows and weaker institutional demand.
Forecast Trend Report by Period
Standard Chartered said the digital-asset market has already moved past its bottom despite Bitcoin’s recent slide.
Decrypt reported on June 12 that Geoff Kendrick, the bank’s head of digital-asset research, said Bitcoin’s drop to about $59,000 did not mark a new low for the broader crypto market.
“The crypto winter is over.”
Kendrick said the decline left Bitcoin down about 53% from its record high of $126,000 reached in October last year, making it the steepest correction of the current cycle.
He cited the possibility of a peace agreement between the U.S. and Iran as a factor that could help drive the market’s next rebound.
A SpaceX initial public offering could also serve as a catalyst for crypto investor sentiment after several weak months, he added.
Markets have recently focused on the prospects for progress in U.S.-Iran negotiations and on whether appetite for global risk assets will recover.
Some investors remain cautious, however, with spot Bitcoin ETF outflows and softer institutional demand continuing, suggesting the market needs further confirmation.
