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Standard Chartered Bank: Bitcoin may have already hit bottom near $59,000, signaling the end of the crypto winter

MarsBitNews
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Mars Finance News, June 13 — Standard Chartered Bank analyst Geoffrey Kendrick stated in a report on Friday that the Bitcoin cycle bottom may have formed around $59,000, marking the end of this round of the crypto market decline. Kendrick said that the BTC cycle low has been locked in near $59,000, down 53% from the October 6 high of $126,000. He stated, "Winter is over, welcome back to crypto spring." Data shows that BTC hit a low of $59,375 on June 5 and is currently close to $64,000. Kendrick predicts that by the end of this year, Ethereum will reach $4,000, and Bitcoin will reach $100,000. Kendrick believes that the current market turn is mainly driven by two factors. First, in recent weeks, the US spot Bitcoin ETF has experienced some of the most intense selling pressure since its launch, with cumulative redemptions 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 the listing of SpaceX may mean this particular selling pressure is nearing its end. Second, if the peace agreement between the US and Iran regarding the G7 is true, it could help prevent further oil price increases. Kendrick believes that a decline in oil prices will further ease the upward pressure on US Treasury yields, thereby reducing macro pressure on the crypto market. Kendrick stated that he will next focus on three indicators to confirm whether the market bottom is stable: whether Michael Saylor's Strategy announces next Monday that it will continue buying BTC this week; whether the US spot Bitcoin ETF resumes daily net inflows on Friday; and whether international oil prices continue to fall.
BTC-0.12%
ETH-0.54%
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