Is the crypto winter truly over? Insights from Standard Chartered’s lead digital assets analyst suggest that Bitcoin may have reached its lowest point recently. According to Geoffrey Kendrick, who leads Global Digital Assets Research, Bitcoin hit a bottom around $59K in early June, marking an important juncture in the cryptocurrency market. He asserts that the current conditions signal the end of the prolonged crypto winter and the start of a new phase, aptly termed crypto Spring.
This statement follows a remarkable downturn for Bitcoin, which plummeted from a peak value of $126K in October 2025, representing a stark decrease of roughly 53%. With Bitcoin trading in the $63K to $64K range shortly after Kendrick's analysis, this positioning offers a potential upside of approximately 56% to reach Standard Chartered’s year-end target price of $100K.
What factors support this optimistic outlook for Bitcoin? Kendrick highlights two key elements that have emerged in this recovery cycle—corporate treasury acquisitions and robust inflows into spot Bitcoin ETFs. These are considered substantial sources of demand that were largely absent during prior bear markets in the cryptocurrency space.
#How is Corporate Treasury Buying Influencing the Market?
The corporate treasury angle is particularly exemplified by MicroStrategy. Under the guidance of CEO Michael Saylor, MicroStrategy has transformed into a notable Bitcoin entity. As of June 8, the company possessed a staggering 845,256 BTC, equating to about 4% of all Bitcoin in existence. Recently, they added another 1,550 BTC to their holdings. Kendrick points to MicroStrategy's ongoing accumulation of Bitcoin even during significant market downturns as indicative of a stabilizing force within the broader cryptocurrency ecosystem.
#What Should Investors Consider Now?
The considerable gap between Standard Chartered's $100K target and the current trading price of Bitcoin provides both opportunity and risk for investors. This target reflects Kendrick's long-standing bullish stance on digital assets, which raises questions about the market dynamics compared to previous cycles. The current environment is distinct due to the presence of regulated spot Bitcoin ETFs, constant demand from corporate treasuries, and an evolving derivatives market.
Investors should note that a sustained decline below $59K would undermine Kendrick’s assertion regarding the market bottom. Conversely, any movement towards $70K to $75K, especially with increased trading volumes, would reinforce the concept of a recovery in motion.