StanChart looks for 3 signs of BTC bottom, including Strategy’s Monday news
Standard Chartered’s Geoff Kendrick tells clients “winter is over” as the analyst said crypto prices have likely seen the low for the cycle, ahead of Strategy’s Bitcoin purchase update.
Standard Chartered analyst Geoff Kendrick on Friday told clients that he believes crypto asset prices have seen the low in the current cycle and he is looking for confirmation in three indicators: Strategy’s reporting that it bought more Bitcoin last week; crypto exchange-traded funds (ETF) saw positive inflows on Friday; and, oil prices continue to break lower.
“We have now seen the low in crypto asset prices for the cycle. That would be USD59k for BTC (53% down from USD126k high),” Kendrick said in a brief note to clients on Friday. The biggest crypto was last trading on Sunday at about $63,704, according to CoinMarketCap data.
Depending on how investors read Strategy chief Michael Saylor’s near-weekly tweet issued earlier on Sunday, The first sign that Kendrick is watching for may have come.
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