Standard Chartered has declared that Bitcoin's recent slide to roughly $59,000 likely represents the cycle bottom, setting the stage for a potential rally toward $100,000 by year-end. The call comes as the cryptocurrency recovers from that low, with the bank citing easing sell pressure from the SpaceX IPO and a possible U.S.-Iran peace deal as dual catalysts ending the recent downturn.
Senior market analyst Geoffrey Kendrick pointed to these macro developments as key drivers, alongside improving institutional demand. The bank's prognosis suggests that the worst of the crypto winter may be over, though it acknowledges that the path to $100,000 remains contingent on sustained momentum.
Separately, Bitcoin miners are facing headwinds as transaction fees have collapsed to 2019 lows, pushing revenue into bear-market territory. This fee compression is prompting a strategic pivot toward artificial intelligence operations, as miners seek alternative revenue streams amid declining on-chain activity.
The two narratives — an institutional bullish call and a structural challenge for miners — highlight the divergent pressures within the crypto ecosystem. Critics caution that calling a bottom is inherently speculative and that a single investment bank's view does not constitute a market consensus.