‘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.
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Summary
- 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.
