Standard Chartered analyst Geoff Kendrick has told clients that "winter is over" for crypto markets, arguing that Bitcoin prices have most likely already passed their cycle low. The call comes ahead of an expected Bitcoin purchase update from Strategy, which Kendrick cites as one of three signals he is watching to confirm a bottom in $BTC.
What a Cycle Low Means — and Why This Call Matters
A cycle low is the point at which an asset's price troughs before a sustained recovery. When a named analyst at a major international bank applies that label to the current moment, it carries institutional weight that moves well beyond casual market commentary. Kendrick's message to clients is direct: the worst of the selloff is behind us.
Three Signs, One Named
Kendrick framed his bottom thesis around three specific indicators he wants to see materialize. The source identifies Strategy's Monday news — an update on the company's Bitcoin purchasing activity — as one of those three. The remaining two signals have not been disclosed in available reporting. That framing matters: a multi-condition checklist is more disciplined than a single-factor call, though it also means the thesis is not yet fully confirmed.
What Strategy's Update Represents
Strategy is a company known for regular Bitcoin purchase disclosures, and Kendrick singles out its upcoming Monday announcement as a meaningful confirming signal. A fresh buying update from a well-known corporate accumulator can function as a sentiment benchmark for institutional observers — evidence that a significant holder is still willing to add at prevailing prices. It is, however, a backward-looking data point: it tells you what was bought, not what comes next for price.
The Limits of the Call
Kendrick's "winter is over" framing is a confident thesis, but it remains conditional. The three signs he identified still need to appear before the cycle-low case is airtight. Until Strategy's update is public and Kendrick's full checklist is confirmed, this is a well-sourced forecast from a prominent institution — not a settled fact. Weight it accordingly.