‘Crypto spring’ is here, says one analyst after bitcoin’s key signals turn bullish Standard Chartered analyst Geoffrey Kendrick’s bullish call comes as spot bitcoin exchange-traded fund inflows return, oil prices fall and Coinbase’s CEO says bitcoin likely bottomed near $60,000….
Standard Chartered analyst Geoffrey Kendrick says bitcoin likely hit its cycle low around $59,000, citing improving investor flows, corporate buying and easing macro pressures. – His confidence grew after MicroStrategy resumed bitcoin purchases, U.S. spot bitcoin ETFs returned to net inflows and oil prices continued to fall, reducing inflation worries. – Kendrick says a decisive break above bitcoin’s early May high near $83,000 would strongly confirm a new uptrend, with the cryptocurrency recently trading around $66,300. Standard Chartered’s head of digital assets research Geoffrey Kendrick says bitcoin The latest call marks a shift in sentiment after several months in which crypto markets struggled with rising geopolitical tensions, concerns about inflation and persistent outflows from U.S. spot bitcoin exchange-traded funds (ETFs.) Last Friday, Kendrick told clients he believed bitcoin’s decline to roughly $59,000 represented the cycle low
At the time, however, he outlined three developments he wanted to see before gaining more confidence in that view: renewed bitcoin purchases by Strategy (MSTR), a return to positive ETF inflows and continued weakness in oil prices. By Monday, all three had materialized. Strategy, the largest corporate holder of bitcoin, disclosed that it purchased another 1,587 BTC last week.
U.S. spot bitcoin ETFs posted net inflows of $86 million on Friday after a stretch of notable redemptions. Oil prices also continued to move lower, reducing concerns that higher energy costs could push inflation and bond yields upward. “Winter is over. Welcome back to crypto Spring,” Kendrick wrote.