Standard Chartered Bank: Bitcoin has already bottomed out near $59k, signaling the end of the crypto winter

BlockBeats News, June 13 — Standard Chartered Bank analyst Geoffrey Kendrick said in a report on Friday that the bottom of this Bitcoin cycle may already have formed at around $59,000, marking the end of the current down phase in the crypto market. Kendrick said that the BTC cycle low has been locked in near $59,000, down 53% from the all-time high of $126,000 on October 6. He said, “Winter is over, welcome back to crypto spring.” Data shows that BTC hit a low of $59,375 on June 5, and the current price is close to $64,000. Kendrick expects that by the end of this year, Ethereum will reach $4,000 and Bitcoin will reach $100,000.

Kendrick believes that the shift in this market is mainly driven by two factors. The first is that, over the past several weeks, the US spot Bitcoin ETF has faced one of the most intense sell pressures since its launch, with total redemption amounts exceeding $5.72 billion since the second week of May. He said that some ETF holders are reportedly liquidating to free up cash to participate in the SpaceX IPO, and that SpaceX’s listing may mean this particular sell pressure is nearing an end.

The second is that if the peace agreement between the United States and Iran regarding the G7 is true, it may help stop oil prices from continuing to rise. Kendrick believes that a drop in oil prices would further ease the upward pressure on US Treasury yields, thereby reducing macro pressure on the crypto market. Kendrick said that the next step will be to watch three indicators to confirm whether the market bottom is solid: whether Michael Saylor’s Strategy will announce continued purchases of BTC next Monday; whether the US spot Bitcoin ETF will resume daily net inflows on Friday; and whether international oil prices continue to fall.