Morning Minute: Standard Chartered Says the Crypto Winter Is Over
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🌱 Standard Chartered Says the Crypto Winter Is Over
In a Friday note, Standard Chartered’s head of digital assets research, Geoff Kendrick, wrote that Bitcoin’s slide to roughly $59,000 on June 5 marked the cycle low.
His words: “Winter is over. Welcome back to crypto spring.” The bank is holding a $100,000 year-end target, about 70% above current levels, and expects Ether to outperform Bitcoin on the way up. He says the lows are in and even cast the current price as the entry everyone will wish they’d taken. Looking back from year-end with Bitcoin at $100k, “this was the buying zone we all wanted.”
Well, the three overhangs that had been grinding crypto lower for weeks are all starting to lift at once.
Put together, that is a genuine change in the setup. But, it still has to play out. The SpaceX IPO liquidity drain may not truly be felt for weeks. It’s always hard to trust the peace talks around the Iran war. And as for the ETF flows, well they can be fickle.
But it does seem like momentum may be building here. BTC is back over $65k. Leading alts jumped 10-20% this weekend, showing signs of animal spirits returning. Let’s see if it continues…
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