Standard Chartered Bank’s global head of digital assets research, Geoffrey Kendrick, said on June 12 that crypto asset prices have likely reached their cycle low, placing bitcoin’s floor at $59K after a 53% decline from its $126K high. Kendrick connected the call to catalysts emerging this week.

The assessment marked a shift from Standard Chartered’s February outlook, when the bank projected bitcoin could fall toward $50,000 before recovering later in the year. Kendrick’s latest note indicated the market may have already established its cycle low at $59,000.

He wrote:

“I think we have now seen the low in crypto asset prices for the cycle. That would be $59K for BTC (53% down from $126K high).”

The head of digital assets research identified two developments that could support the shift. He cited a G7-related U.S.-Iran peace deal, which could pressure oil prices and U.S. Treasury yields. He also pointed to the SpaceX IPO, saying exchange-traded fund (ETF) holders had been selling bitcoin exposure to free up cash for the offering.

Confirmation would require several markers, according to Kendrick. He wants to see Strategy (Nasdaq: MSTR) announce additional bitcoin purchases on Monday. He also said a return to positive ETF inflows and continued declines in oil prices would help validate the call.

In a Feb. 12, 2026, Global Research report, Standard Chartered forecast that bitcoin could fall to around $50,000 and ethereum to roughly $1,400 before recovering later in the year.

Kendrick’s latest note marked a shift from that outlook, with the bank’s head of digital assets research stating that bitcoin likely established its cycle low at $59,000. He wrote on June 12:

“Winter is over. Welcome back to crypto Spring.”

Forecast revisions in the February report lowered the bank’s end-2026 targets to $100,000 for bitcoin and $4,000 for ethereum. Standard Chartered had previously projected $150,000 for BTC and $7,500 for ETH, while leaving its end-2030 forecasts unchanged.

Standard Chartered’s forecasts for BTC, ETH, SOL, and XRP. Source: Feb 2026 research report

Long-term targets remained at $500,000 for bitcoin, $40,000 for ethereum, $2,000 for solana ( SOL), and $28 for XRP. The bank also reduced its forecasts across 2027, 2028, and 2029.

The February research note stated:

“Once the lows have been reached, we expect the asset class to recover for the rest of 2026.”

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