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Bitcoin’s fall toward $59,000 has drawn similar support calls from Standard Chartered and Charles Schwab. Both financial institutions identify the $59,000 to $60,000 range as an important Bitcoin floor, although their outlooks for the next market phase differ.
Standard Chartered believes the June low may have ended the current crypto downturn. Meanwhile, Charles Schwab takes a more cautious position and expects Bitcoin to trade within a broad range. Bitcoin was trading near $64,000 on June 14, placing the price just above the support area identified by both firms.
Standard Chartered’s Global Head of Digital Assets Research, Geoffrey Kendrick, said Bitcoin may have reached its cycle bottom at $59,000. The cryptocurrency touched about $59,375 on June 5, representing a 53% decline from its October 2025 high of $126,000. Kendrick wrote, “I think we have now seen the low in crypto asset prices for the cycle,” showing that the call remains an assessment rather than a confirmed result.
The bank linked the decline partly to heavy selling from US spot Bitcoin exchange-traded funds. Total redemptions exceeded $5.72 billion since the second week of May. Kendrick said some holders may have sold Bitcoin ETF positions to raise money for the SpaceX initial public offering. With SpaceX shares now trading, he expects that source of selling pressure to ease.
Kendrick also pointed to oil prices and US Treasury yields. A possible agreement between the United States and Iran could reduce concerns about energy costs. Brent crude fell toward $87 per barrel, while West Texas Intermediate traded near $85. Lower oil prices could ease inflation pressure and support risk assets, including Bitcoin.
Charles Schwab also identifies the area near $60,000 as a major Bitcoin support zone. Jim Ferraioli, the firm’s Director of Digital Currencies Research, described the decline as a typical bear market after Bitcoin lost about half its value from its record high.
The $60,000 level sits near Bitcoin’s 200-week moving average, which has acted as support during earlier market downturns. Still, Schwab does not treat that level as a firm guarantee. Bitcoin could briefly fall below it before recovering, since support zones often cover a price range rather than one exact figure.
Ferraioli expects Bitcoin to trade between $60,000 and $80,000 instead of moving directly into a new bull market. He views $80,000 as possible resistance since it is close to the average purchase price of many recent buyers. Investors who suffered losses may sell near that level to recover their original capital.
Standard Chartered is watching several indicators before treating $59,000 as a confirmed long-term bottom. These include a return to positive daily Bitcoin ETF inflows, new corporate treasury purchases and stable or falling oil prices. Kendrick stated, “Winter is over. Welcome back to crypto Spring,” although the bank still requires further market data to support that view.
The bank maintains year-end targets of $100,000 for Bitcoin and $4,000 for Ethereum. That forecast differs from Schwab’s range-based outlook, which places a possible ceiling near $80,000. While both firms agree on the support zone, they differ on the strength and pace of a potential recovery.
Bitcoin’s four-year market cycle also leaves some uncertainty. The price peaked in October 2025, about eight months before the June low. Earlier cycles often took closer to one year or longer to reach their final bottom. Still, the earlier timing of the 2025 peak could also bring the next bottom forward.
For now, Bitcoin holding above $60,000 supports both institutions’ floor estimates. A sustained break below that area would weaken the outlook, while renewed ETF demand and corporate buying would provide stronger confirmation.
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