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

06/13 05:05

On June 13, Standard Chartered analyst Geoffrey Kendrick stated in a report on Friday that the recent low for Bitcoin may have formed around $59,000, marking the end of the current downtrend in the crypto market. Kendrick noted that the BTC cycle low is locked in near $59,000, representing a 53% drop from the historical high of $126,000 on October 6. He remarked, 'The winter is over, welcome back to crypto spring.' Data shows that BTC hit a low of $59,375 on June 5, and is currently priced close to $64,000. Kendrick expects Ethereum to reach $4,000 and Bitcoin to hit $100,000 by the end of this year. He believes the market shift is driven by two main factors. First, there has been one of the most intense sell-offs since the launch of the U.S. spot Bitcoin ETF in recent weeks, with cumulative redemptions exceeding $5.72 billion since the second week of May. He indicated that some ETF holders are reportedly liquidating positions to free up cash for the SpaceX IPO, and the SpaceX listing may signal the end of this specific selling pressure. Second, if the peace agreement between the U.S. and Iran regarding the G7 is true, it could help prevent further increases in oil prices. Kendrick believes that a drop in oil prices will further alleviate upward pressure on U.S. Treasury yields, thereby reducing macro pressure on the crypto market. He stated that he will be monitoring three indicators to confirm whether the market bottom is solid: whether Michael Saylor's Strategy announces continued BTC purchases next Monday; whether the U.S. spot Bitcoin ETF sees a return to daily net inflows on Friday; and whether international oil prices continue to decline.
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