Standard Chartered says Bitcoin bottomed at $59K, keeps $100K year-end target

Standard Chartered calls the $59,000 area the cycle bottom for Bitcoin. The bank keeps year-end targets: $100,000 for BTC and $4,000 for Ethereum (Standard Chartered research).

“Winter is over. Welcome back to crypto Spring.” Geoffrey Kendrick sets the tone in a June 12 note (source). He frames the $59,375 low as a 53% pullback from an all‑time high of $126,000 on Oct 6, 2025 (source). He expects ETH to outperform BTC into recovery (source).

Two catalysts back the call. First, capital rotation tied to the SpaceX IPO. The note flags $5.72 billion in US spot BTC ETF redemptions since mid‑May as investors freed cash for the deal, and sees that drain fading post‑IPO (source).

Second, easing oil risk. Progress on a US–Iran peace track could cap Brent and WTI near $87 and $85, lowering inflation pressure, easing Treasury yields, and improving liquidity for risk assets (source).

Kendrick’s confirmation checklist (source):
- Net positive US spot BTC ETF inflows
- Renewed corporate treasury buying
- Falling oil prices

He treats $59,000 as a macro and flow-based bottom, not just a chart line (source). If price holds above that zone and ETF demand stabilizes, the bottom thesis strengthens. A clean break back below weakens it (source).

Key near-term tell: flows, not slogans. A rebound in spot ETF demand, calmer oil, and treasury allocation would support the view that recent selling was temporary, not structural (source).