Standard Chartered Analyst: Bitcoin cycle lows confirmed, crypto winter declared over

Deep Tide TechFlow News, June 13 — According to CoinDesk, Standard Chartered Bank analyst Geoffrey Kendrick stated in a Friday research report that the bottom of this Bitcoin cycle has been locked in at $59,000, a decline of about 53% from the October 6 historical high of $126,000, and declared "the crypto winter is over, spring has arrived."

Kendrick attributes this reversal to two main catalysts: first, SpaceX officially listed on NASDAQ on Friday, with an IPO price of about $150, now up approximately 26% from the issue price. Previously, ETF holders had redeemed heavily to participate in SpaceX's subscription, with total redemptions exceeding $5.72 billion since the second week of May. With the IPO landing, this selling pressure is expected to subside; second, if the peace agreement between Iran and the US under the G7 framework materializes, it will suppress oil prices, thereby easing the upward pressure on US bond yields and reducing macroeconomic burdens on the crypto market.

Kendrick also provides year-end target prices: $100,000 for Bitcoin and $4,000 for Ethereum, and states that he will focus on three confirmation signals: whether Strategy (MSTR) increases its Bitcoin holdings this week, whether the US spot Bitcoin ETF resumes net inflows, and whether international oil prices continue to decline.