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Digital assets are gaining momentum after a stretch of outflows wiping out billions from the market cap. Over 24 hours, the total market surged 3.91% to above $2.28 trillion, with analysts suggesting further gains could come as macroeconomic conditions improve. Bitcoin (BTC) is trading at $66,802, up 4.89% today.
Standard Chartered Backs Bitcoin Surge
Standard Chartered global head of digital assets research Geoff Kendrick, in a note to investors, highlighted reasons why Bitcoin is out of the water after a prolonged red wave. According to him, Bitcoin winter is over, and spring is upon the market.
Analysts believe the market has seen the price reach a low this cycle at $59k and that it is expected to rebound if technical indicators remain positive. Traditionally, assets are expected to swing higher after their cycle lows, but the risk remains in how high BTC can climb.
A cycle low at $59k means the asset dropped about 53% from its all-time high above $126k last year. Skeptics argue that “defeated” corporate treasuries might not rise as fast to propel the market to the bull’s projected case.
For Kendrick, three confirmations are needed to pitch in the crypto spring. First, confirmation that Michael Saylor’s Strategy bought Bitcoin last week. Over the weekend, Saylor tweeted that he was still adding dots, although no direct purchase was mentioned.
 
Last week, the Bitcoin enthusiast came under fire for a 32 BTC sale that sank market sentiment. Saylor has been pro-accumulation but sold to balance the company’s financials, a move that stunned bulls because he led the corporate treasury’s diversification last year.
However, he explained that the company will sell assets if necessary, clarifying the situation. After the sale, Strategy acquired additional assets but had little impact. Saylor remains a pillar for both institutional and retail traders as they monitor moves closely and observe early signs of traction.
Spot Bitcoin ETFs are a major factor for a rebound, according to Kendrick, after consecutive weekly outflows. He noted that if gains recorded on Friday can be sustained, the low phase is over. Previous periods, such as 2023, indicate that institutional volume can spark gains after prolonged outflows.
Finally, with an agreement reached between the United States and Iran, oil prices are expected to drop, prepping up macro factors to favor the top crypto and, by extension, altcoins.