Bitcoin market 'improving' after hitting local low of $56,500: Standard Chartered
Standard Chartered has adjusted its short-term bitcoin forecast to state that the market is improving after reaching a local low of $56,500.
"Things are improving and we have likely seen the low at $56,500 on 1 May," Standard Chartered Bank Head of FX Research and Digital Assets Research Geoff Kendrick said.
In an analysis note sent to The Block on Tuesday, Kendrick said he adjusted his forecast after the Federal Reserve's rates announcement last Wednesday was less hawkish than expected, coupled with a positive U.S. jobs report on Friday. Kendrick said these macroeconomic factors were significant enough to drive $595 million of inflows to multiple U.S.-based spot bitcoin ETFs in the past two sessions, following a record seven consecutive days of outflows. Additionally, he noted that Hong Kong ETFs have now added inflows of $246 million.
U.S government debt 'unsustainable'
Kendrick said that U.S. government debt and deficits appear to be on an unsustainable path. For U.S. Treasurys, this likely means a steeper curve, higher breakevens and higher term premiums. "We think such a scenario would be broadly supportive of digital assets as investors seek alternative assets," Kendrick added.
The Standard Chartered analyst also added that a Trump win in November's U.S. presidential election would be "bitcoin positive."
"We also look at the implications of the November U.S. election for digital assets; we think that a second Trump administration would be broadly positive via a more supportive regulatory environment," he said.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BTC Signs Potential Mid-Cycle Bottom As Fear Grips the Market
The "Black Tuesday" for US stock retail investors: Meme stocks and the crypto market plunge together under the double blow of earnings reports and short sellers
Overnight, the US stock market experienced its worst trading day since April, with the retail-heavy stock index plunging 3.6% and the Nasdaq dropping more than 2%. Poor earnings from Palantir and bearish bets by Michael Burry triggered a sell-off, while increased volatility in the cryptocurrency market added to retail investor pressure. Market sentiment remains tense, and further declines may follow. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.

Crypto Market Macro Report: US Government Shutdown Leads to Liquidity Contraction, Crypto Market Faces Structural Turning Point
In November 2025, the crypto market experienced a structural turning point. The U.S. government shutdown led to a contraction in liquidity, pulling about 20 billions USD out of the market and intensifying capital shortages in the venture capital sector. The macro environment remains pessimistic.

Market volatility intensifies: Why does Bitcoin still have a chance to reach $200,000 in Q4?
Institutional funds continue to buy despite volatility, targeting a price level of $200,000.

