Key highlights:

  • The Bitcoin price has already reached its cycle bottom, stated Kendrick.
  • The Standard Chartered analyst believes that BTC is preparing for a bull run. 
  • He sees Strategy’s BTC buy, ETF inflows, and oil price fall as the three key developments to watch. 

As the Bitcoin price continues to break through key levels, Standard Chartered shares a bullish outlook. Research Head Geoff Kendrick believes that the cryptocurrency has already reached its bottom.

Notably, this significant statement comes amid ongoing debates on the Bitcoin price bottom. Amid these discussions, Kendrick pointed out three developments to closely watch. According to him, Strategy’s Bitcoin buys, ETF inflows, and declining oil prices would be signals that BTC has put in a bottom.

Standard Chartered confirms Bitcoin price’s bottom

Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered, recently stated that the Bitcoin price’s cycle bottom has already been formed. In a research paper, the analyst confirmed that the cycle bottom was likely around the recent low of $59,000.

“Winter is over. Welcome back to crypto Spring,” stated the Standard Chartered analyst. As the crypto managed to surge above the level and hit a two-week high of $66,000, it signals the end of the crypto winter, he added.

The analyst also projected the crypto’s possible surge to $100k by the end of this year. He noted, "When we look back at the end of 2026 with bitcoin at $100k we will say this was the buying zone we all wanted.” 

This statement comes amid the prevailing positive sentiment surrounding the Bitcoin price. Despite hitting a low of $59k last week, BTC managed to climb above key resistance at $66,000 earlier today. At press time, BTC is trading at $66,500, with a 4% one-day hike and 5% weekly gain. 

 

Unveiling two key catalysts

According to Kendrick, there are two main positive catalysts that pushed the Bitcoin price up. The first factor is the recent SpaceX IPO. The move pulled funds away from the crypto market temporarily as investors dumped their BTC and ETF holdings to participate in the IPO. Now the offering is completed, and the selling pressure could ease. This could allow capital to flow back into the Bitcoin market.

The second catalyst is the US-Iran peace talks. Since last week, the US and Iran have been discussing a possible peace deal. As CoinCodex reported, the countries have now agreed to end missile operations. Iran has also decided to open the Strait of Hormuz. This has de-escalated Middle East tensions, invoking speculation of a possible end to the war. 

Three signals to confirm the Bitcoin price bottom

Further, Kendrick shared three signals that could further strengthen his finding that the Bitcoin bottom is already in. These signals include Michael Saylor’s Bitcoin purchases, possible Bitcoin ETF inflows, and a significant decline in oil prices.

Michael Saylor’s Strategy (MSTR)  continues to accumulate BTC despite its recent corrections. If the company makes new purchases, it could significantly influence the Bitcoin price rally, stated Kendrick.

Secondly, Kendrick believes that the Bitcoin ETF market could soon see a remarkable influx. This could be a significant positive catalyst for the Bitcoin price’s potential rally, stated the analyst.

Amid the de-escalating US-Iran war, oil prices are experiencing a severe fall. Today, the crude oil price is down by more than 4%, reaching $80. According to Kendrick, declining oil prices could drive the Bitcoin price up.

Bitcoin bottom debate continues

However, it is worth noting that there are many who still hold a bearish outlook on the Bitcoin price. They believe that the cycle has not yet been reached. For instance, Bitwise analyst Andre Dragosch recently stated that the bottom is somewhere around $48k. This means that BTC could still see another crash, pulling its price to severe lows.

In addition, CryptoQuant analyst Julio Moreno is also holding a similar outlook. As CoinCodex reported, the analyst believes that the bottom will be formed at $53.6k. Besides these researchers, there are many other market analysts and experts who have already projected BTC’s potential downtrend.