Bitcoin has reportedly reached the bottom of its current cycle at $59,000, according to Standard Chartered analyst Jeffrey Kendrick, as reported by CoinDesk.
Kendrick believes that the recent correction was driven by a combination of macroeconomic uncertainty, a decline in risk appetite, and capital outflows from cryptocurrency investment products. However, he asserts that most of the negative factors have already been priced in by the market.
The Crypto Winter May Be Over
Kendrick noted that the drop to $59,000 was accompanied by capitulation among some investors and a sharp decline in market sentiment—historical signs typically seen near local lows.
“The winter is over. Welcome back to crypto spring,” he stated.
He estimates that the market is beginning to establish a foundation for a new growth phase, with current levels appearing attractive for long-term investors.
Institutional Demand Remains Strong
Standard Chartered continues to view the influx of institutional capital through spot ETFs and corporate treasury strategies as a key driver for Bitcoin.
The analyst also pointed to ongoing Bitcoin purchases by public companies, including Strategy, which continue to build reserves despite the market's high volatility.
Outlook Remains Positive
Despite the recent correction, the bank maintains a long-term positive outlook for the leading cryptocurrency. In previous forecasts, Standard Chartered projected Bitcoin could rise to $200,000 by 2026, driven by further institutional investment and the growing adoption of digital assets in the traditional financial system.
Kendrick emphasized that while short-term volatility remains high, fundamental factors continue to support a long-term upward trend.
BIT Analysts Predict Bitcoin Could Drop to $50,000
Experts from the crypto platform BIT believe that the market has not yet reached a definitive bottom and will continue to face pressure in the coming weeks.
— BIT Official (@BITofficial_EN) June 12, 2026
They assess that Bitcoin has entered the final phase of its bear cycle and is moving within a classic Elliott Wave corrective model A-B-C.
The first wave of decline in February brought the price down to the $60,000–69,000 range, followed by a rebound to $83,000. The market is currently in the process of forming wave C, which could conclude around $50,000–55,000.
Analysts note that sentiment indicators remain at levels typical of the final stages of bear markets. The Fear and Greed Index has approached values seen near the bottom in 2022, and several technical metrics indicate deep oversold conditions for the asset.
As a crucial benchmark, experts highlight Bitcoin's realized price, which currently stands at around $54,600. Historically, prices rarely linger below this level for extended periods.
The Next Cycle May Be Triggered by Slowing Inflation
Analysts identify the macroeconomic situation as a key factor for market recovery. They believe that, similar to 2022, the start of a new bull cycle will depend on a reversal of the inflation trend and easing financial conditions.
BIT anticipates that the final formation of the bottom could take another one to three months. Confirmation of the end of the crypto winter would come with Bitcoin's price rising above the 21-week moving average and improvements in long-term cyclical indicators.
It is worth noting that Galaxy Research has suggested a minimum for the current market cycle in the range of $40,000–46,000.