Standard Chartered Sees Signs of Bitcoin Bottom

Standard Chartered analyst Geoff Kendrick told clients he believes crypto asset prices have hit the cycle low and is watching three confirming signs: Strategy’s report that it bought more Bitcoin last week, positive inflows into crypto ETFs on Friday, and falling oil prices.

He wrote that the low would be USD59k for BTC (53% down from USD126k high). The largest cryptocurrency was last trading on Sunday at about $63,704, per CoinMarketCap data. The first sign may have arrived when Strategy chief Michael Saylor posted 'Still adding dots' alongside his familiar dot chart, a tweet that had more than half a million views by mid-afternoon ET.

Other indicators included a one-day net inflow of $85.84 million into Bitcoin ETFs on Friday, with investors moving money into five funds while eight U.S.-traded BTC ETFs showed no net change, according to data tracked by SoSoValue.com. Crude oil futures also fell on Friday for a second straight day.

United States

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