Standard Chartered Says Bitcoin Bottom Is In as ETF Pressure Eases

• Standard Chartered’s Geoffrey Kendrick says Bitcoin likely bottomed near $59,000.
• ETF outflows and SpaceX IPO liquidity demands fueled selloff.
• Positive ETF flows and lower oil prices could confirm.

Standard Chartered analyst Geoffrey Kendrick believes Bitcoin has already established its cycle bottom, pointing to the recent decline near $59,000 as the likely low for the current market cycle. According to Kendrick, the latest correction does not change his broader outlook for the crypto market. He continues to expect Bitcoin to reach $100,000 by the end of the year, while Ethereum could advance to $4,000 if market conditions improve.

Bitcoin traded at $63,484 at press time, recovering from recent weakness. The cryptocurrency previously climbed to $126,000 in October 2025 before retreating more than 50% during the latest downturn. Kendrick argued that the decline resulted from several temporary market pressures rather than a breakdown in crypto fundamentals. As a result, he does not expect Bitcoin to fall below the $59,000 level again during this cycle.

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Kendrick Points to ETF Selling and Macro Pressures

According to Kendrick, one of the largest contributors to the selloff came from spot Bitcoin ETF outflows. Institutional investors reportedly reduced exposure and raised cash ahead of the historic SpaceX IPO. The listing created substantial demand for liquidity across financial markets. Consequently, capital flowed out of several risk assets, including Bitcoin and crypto investment products.

At the same time, geopolitical tensions between the United States and Iran added pressure to broader markets. Rising oil prices increased inflation concerns, while higher bond yields reduced investor appetite for riskier assets. Moreover, uncertainty surrounding global markets contributed to weaker sentiment across cryptocurrencies. Bitcoin, therefore, faced selling pressure from both macroeconomic and market-specific factors.

Kendrick believes those headwinds are beginning to ease. SpaceX has already completed its public debut, and reports of progress in U.S.-Iran negotiations have improved market sentiment.

Several Indicators Could Strengthen the Bullish Case

Despite his confidence that the bottom is already in place, Kendrick outlined several developments that could confirm a sustained recovery. According to the analyst, spot Bitcoin ETF flows should return to positive territory. Additionally, continued purchases from institutions and corporate treasury firms would signal renewed confidence in the market.

Lower oil prices could also support risk assets. Furthermore, any diplomatic progress ahead of the upcoming G7 summit may reduce uncertainty across global markets. Kendrick also expects Ethereum to outperform Bitcoin as conditions stabilize. Such a development would reflect improving investor confidence and broader participation across digital assets.

His analysis highlights how cryptocurrency markets have become increasingly tied to traditional financial trends. ETF positioning, bond yields, energy prices, and major public offerings now play a larger role in shaping sentiment. Standard Chartered previously maintained a $150,000 Bitcoin target before lowering expectations during the recent market downturn. Even so, the bank’s current $100,000 forecast still implies significant upside from current levels.

Conclusion

Kendrick maintains that Bitcoin has likely completed its deepest correction of the cycle. With several sources of selling pressure fading, Standard Chartered continues to view the recent $59,000 low as a durable market bottom.

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