Analyst Declares “Crypto Spring” as Bitcoin Signals Turn Bullish

Standard Chartered analyst Geoffrey Kendrick’s bullish outlook comes as spot Bitcoin ETF inflows turn positive again, oil prices decline, and Coinbase CEO Brian Armstrong suggests Bitcoin may have already bottomed near $60,000.

Standard Chartered’s head of digital assets research, Geoffrey Kendrick, said Bitcoin (BTC) may have already formed a cycle low, arguing that improving capital flows, ongoing corporate accumulation, and easing macro pressures are setting the stage for a stronger recovery.

His latest stance reflects a notable shift in sentiment after months of pressure on crypto markets driven by geopolitical risks, inflation concerns, and sustained outflows from U.S. spot Bitcoin ETFs.

Last Friday, Kendrick told clients that Bitcoin’s drop to around $59,000 likely marked the cycle bottom. However, he outlined three conditions he wanted to see for confirmation: renewed buying from Strategy (MSTR), a return to positive ETF inflows, and continued weakness in oil prices.

By Monday, all three conditions had been met.

Strategy, the largest corporate Bitcoin holder, disclosed a purchase of 1,587 BTC last week. U.S. spot Bitcoin ETFs recorded $86 million in net inflows on Friday after a period of consistent outflows. Meanwhile, oil prices continued to soften, easing inflation and yield-related concerns.

“Winter is over. Welcome back to crypto Spring,” Kendrick wrote.

ETF flows have been a key focus, as spot Bitcoin ETFs have become one of the most important demand drivers since launching in January 2024. Kendrick also noted that recent outflows were among the largest since inception, suggesting some investors may have been reallocating capital ahead of major IPOs such as SpaceX, though he described that view as anecdotal.

Broader market conditions have also improved. Easing regulatory uncertainty around crypto derivatives in the U.S. and rising institutional participation have supported sentiment. Earlier today, Kraken launched U.S.-regulated perpetual futures, adding to the wave of onshore derivatives expansion.

At the same time, corporate treasuries continue to add Bitcoin exposure as part of long-term allocation strategies.

However, Kendrick emphasized that one key technical hurdle remains.

He pointed out that Bitcoin has repeatedly printed lower highs in recent rallies, and said a decisive break above the $83,000 level (last seen in early May) is needed to confirm a stronger uptrend. Bitcoin was trading around $66,300 at press time, up roughly 1% over the past 24 hours.

Coinbase CEO Brian Armstrong also said on Monday that Bitcoin may already have bottomed near $60,000 and that he remains highly bullish on its long-term outlook.

If Bitcoin clears the key resistance level, Kendrick believes it would provide stronger confirmation that a new bullish phase is underway.