Standard Chartered’s top digital assets analyst is calling the end of crypto winter. Geoffrey Kendrick, the bank’s Global Head of Digital Assets Research, told clients in a note issued around June 12 that Bitcoin likely bottomed at roughly $59K on June 5, marking what he believes is the cycle low.
“Winter is over. Welcome back to crypto Spring,” Kendrick wrote.
The declaration comes after one of the more punishing drawdowns in recent Bitcoin history. From its peak of $126K in October 2025, Bitcoin shed approximately 53% of its value before finding a floor.
The numbers behind the call
Standard Chartered is keeping its year-end Bitcoin target at $100K, which implies roughly 56% upside from where the asset has been trading. The bank also maintains a $4K year-end target for Ethereum.
Bitcoin was changing hands in the $63K to $64K range shortly after the note circulated. That’s about 7-8% above the proposed bottom, which suggests at least some market participants treated Kendrick’s analysis as confirmation of a potential turning point.
Kendrick pointed to two structural factors as evidence: corporate treasury buying and resilient flows into spot Bitcoin ETFs. Both represent demand sources that didn’t exist during previous crypto winters.
MicroStrategy’s relentless accumulation
The corporate buying angle centers largely on MicroStrategy, the software company that has effectively transformed itself into a publicly traded Bitcoin vehicle under Michael Saylor’s leadership. As of June 8, MicroStrategy held 845,256 BTC — roughly 4% of all Bitcoin that will ever exist.
Recent weekly purchases included an additional 1,550 BTC. Kendrick’s note drew attention to this purchasing activity as a stabilizing force, noting that the largest corporate holder continuing to buy through a 53% drawdown sends a signal to the broader market.
What this means for investors
The gap between Standard Chartered’s $100K target and Bitcoin’s current trading range around $63K-$64K is significant. Kendrick has built a track record of bullish forecasts on digital assets over the years, which means his bias is well-established.
Previous crypto winters played out in markets dominated by retail speculation and offshore exchange leverage. This cycle features spot Bitcoin ETFs providing regulated on-ramps for institutional capital, corporate treasuries creating persistent demand, and a maturing derivatives market. Kendrick’s note highlighted both corporate treasury activity and spot Bitcoin ETF flows as the key structural supports for the recovery thesis.
A sustained break below $59K would invalidate Kendrick’s bottom call entirely. A move toward $70K-$75K with increasing volume would suggest the recovery thesis is gaining traction.