Standard Chartered's global head of digital assets research, Geoffrey Kendrick, stated on June 12 that bitcoin likely reached its cycle low at $59,000, marking a 53% decline from its $126,000 high. Kendrick connected the assessment to emerging catalysts including a G7-related U.S.-Iran peace deal that could pressure oil prices and the SpaceX IPO, which prompted exchange-traded fund holders to sell bitcoin exposure to free up cash. The call represents a shift from Standard Chartered's February 2026 outlook, when the bank projected bitcoin could fall toward $50,000 before recovering later in the year.
Kendrick Identifies Confirmation Markers for Bitcoin Bottom
Kendrick outlined several markers required to validate the call. He stated that Strategy (Nasdaq: MSTR) would need to announce additional bitcoin purchases on Monday. He also cited a return to positive ETF inflows and continued declines in oil prices as necessary confirmation signals. The analyst wrote that the G7-related U.S.-Iran peace deal could pressure U.S. Treasury yields alongside oil prices.
Standard Chartered Revised February 2026 Bitcoin Forecast
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 June 12 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: "Winter is over. Welcome back to crypto Spring." The February report lowered the bank's end-2026 targets to $100,000 for bitcoin and $4,000 for ethereum, down from previously projected $150,000 for BTC and $7,500 for ETH.
Bank Maintains Long-Term 2030 Cryptocurrency Targets
Standard Chartered kept its end-2030 forecasts unchanged despite revising near-term targets. 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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FAQ
What did Standard Chartered say about bitcoin's cycle low on June 12?
Standard Chartered's Geoffrey Kendrick stated on June 12 that bitcoin likely reached its cycle low at $59,000, representing a 53% decline from its $126,000 high.
Why did Standard Chartered revise its bitcoin forecast from February 2026?
Kendrick connected the revised assessment to emerging catalysts including a G7-related U.S.-Iran peace deal that could pressure oil prices and the SpaceX IPO, which prompted ETF holders to sell bitcoin exposure to free up cash for the offering.
What are Standard Chartered's long-term cryptocurrency price targets for 2030?
Standard Chartered maintained its end-2030 forecasts at $500,000 for bitcoin, $40,000 for ethereum, $2,000 for solana, and $28 for XRP, leaving these targets unchanged from prior reports.
