Crypto Market Enters “Spring Phase” as Bitcoin Trend Indicators Improve

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

Geoffrey Kendrick, head of digital assets research at Standard Chartered, said Bitcoin (BTC) may have already established a cycle low, arguing that improving capital flows, renewed corporate accumulation, and easing macroeconomic pressures are pointing toward a potential recovery phase.

The updated outlook reflects a shift in sentiment after several months of headwinds for crypto markets, driven by geopolitical tensions, inflation concerns, and sustained outflows from U.S. spot Bitcoin ETFs.

Last Friday, Kendrick told clients that Bitcoin’s decline to roughly $59,000 likely marked the cycle bottom. However, he identified three conditions needed to strengthen that view: renewed purchases from Strategy (MSTR), 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 posted $86 million in net inflows on Friday after an extended period of redemptions. At the same time, oil prices continued to fall, easing inflation and yield pressures.

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

ETF flows remain a central focus, as spot Bitcoin ETFs have become one of the most important sources of demand since their launch in January 2024. Kendrick also noted that recent outflows ranked among the largest on record, suggesting some investors may have been rotating capital ahead of major IPOs such as SpaceX, though he described this as anecdotal.

Market conditions have also improved more broadly, with easing regulatory pressure on crypto derivatives in the U.S. and rising institutional participation supporting sentiment. Kraken recently added to this trend by launching regulated perpetual futures for U.S. customers.

At the same time, corporate treasury demand for Bitcoin continues to grow.

Still, Kendrick emphasized that a key technical level remains in focus.

He pointed out that Bitcoin has repeatedly formed lower highs during recent rallies and said a decisive break above $83,000 — the level reached in early May — is required to confirm a stronger uptrend. Bitcoin was trading near $66,300 at press time, up about 1% over 24 hours.

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

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