Standard Chartered Sees Bitcoin Bottom Near $60,000 After 14% Weekly Slide
Updated
Updated · CoinDesk · Jun 4
Standard Chartered Sees Bitcoin Bottom Near $60,000 After 14% Weekly Slide
2 articles · Updated · CoinDesk · Jun 4
Summary
Bitcoin has fallen 14% in seven days to its lowest levels since February, yet Standard Chartered's Geoff Kendrick says the market low is "almost in" and argues current prices look more like an accumulation zone.
Kendrick's call rests on three signals: Strategy may resume buying after selling 32 BTC last week, U.S. spot ETF holdings remain broadly steady despite $5 billion of recent outflows, and roughly $1.5 billion of leveraged futures positions have already been liquidated.
The bank's view still hinges on several conditions, and many analysts warn the selloff could deepen if bitcoin breaks below the closely watched $60,000 threshold.
A technical backdrop offers some support to the bullish case: bitcoin is trading near its 200-week simple moving average, an area that has marked prior bear-market bottoms, though Kendrick's year-end target remains far higher at $100,000.