Things look ugly in crypto today, but some analysts aren’t panicking. Standard Chartered believes bitcoin is close to finding a bottom.
At the time of publication, bitcoin (BTC) trades at roughly $64,150. The coin is down nearly 4% over the past 24 hours and 12% over the week.
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But Geoff Kendrick, Standard Chartered’s head of digital assets research, says the market is “almost at a bottom.” In his view, the resilience of spot bitcoin ETFs and a likely large buyback from Strategy suggest current price levels could be an entry point.
Ethereum (ETH), the second-largest cryptocurrency, trades at about $1,780. It’s down 4% over the past day and 10.5% over the week. The ETH▼$1,771.71/BTC ratio is hovering at levels not seen since July 2025, around 0.027.
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What Could Spark a BTC Price Rally in June 2026?
Back in February, Kendrick warned bitcoin could drop to $50K if ETF outflows picked up. That never happened. Assets under management in spot funds have barely budged, slipping from 682,000 BTC to about 674,000 BTC.
“That tells me the ETF structure is stronger than I feared back in the winter,” he wrote.
Read more: Can Bitcoin Crash to $20K in 2026? What Could Trigger a Historic Crypto Market Collapse
This week’s crash was triggered by Strategy selling 32 BTC. Kendrick called the timing “unfortunate” but pointed to a historical precedent. In December 2022, Strategy sold 704 BTC for tax purposes, then bought back 810 BTC just two days later.
Now, he expects the buyback to be much larger—10 times or even 100 times the amount sold, which would mean 320 or 3,200 BTC. Confirmation of such a purchase would be an early signal that the bottom is in.
Massive Liquidations Have “Cleaned Out” the Market
Over the past week, exchanges have liquidated $1.5B in futures contracts, matching the scale of events in January and February. Kendrick believes this has flushed out vulnerable long holders.
Still, he acknowledges a residual risk of bitcoin dropping below $60K.
“There are a lot of ‘ifs’ in the above, so accumulation is a better strategy than trying to call the bottom outright,” he said.
What to Expect: $100K BTC and $4K ETH by Year End
Kendrick is sticking with his year-end targets: $100K for bitcoin and $4K for Ethereum. In late May, he compared ether’s current price action to Amazon stock during the dot-com crash, expecting on-chain metrics to eventually drive a catch-up rally.
In the near term, the market’s fate hinges on Strategy’s next move. If the company announces a major buyback, it could be the psychological trigger for a reversal. If not, the risk of a further slide toward $60K or lower remains.
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