Standard Chartered Bank: Bitcoin May Have Bottomed Around $59,000, Crypto Winter Over

On June 13, Standard Chartered analyst Geoffrey Kendrick stated in a Friday research note that the low point of Bitcoin’s current market cycle may have already formed around $59,000, signaling the end of the crypto market’s downturn phase. Kendrick noted this cycle low represents a 53% drop from Bitcoin’s historical high of $126,000 set on October 6, adding, “Winter is over, welcome back to the crypto spring.” Data shows Bitcoin hit a low of $59,375 on June 5 and is currently trading near $64,000. Kendrick forecasts Ethereum will reach $4,000 and Bitcoin will hit $100,000 by the end of the year. Kendrick identifies two key factors driving this market turnaround. First, the crypto sector has faced some of the heaviest selling pressure since the U.S. spot Bitcoin ETF launched in recent weeks, with cumulative redemptions exceeding $5.72 billion since the second week of May. He explained that some ETF holders are liquidating positions to free up cash for the SpaceX IPO, an event he believes could bring an end to this specific wave of selling. Second, a confirmed peace agreement between the U.S. and Iran (aligned with G7 parameters) could prevent further oil price hikes. Kendrick argued that lower oil prices would ease upward pressure on U.S. Treasury yields, thereby relieving macroeconomic headwinds for the crypto market. To confirm the market bottom is stable, he said attention will turn to three upcoming indicators: whether Michael Saylor’s firm Strategy will announce continued Bitcoin purchases next Monday, whether U.S. spot Bitcoin ETFs will resume net inflows on Friday, and whether international oil prices keep declining.