Bitcoin Finds Support at $59,000 as Standard Chartered Declares Crypto Winter Over

Bitcoin has likely reached the bottom of its latest market cycle after falling to nearly $59,000 earlier this month, according to Standard Chartered analyst Geoffrey Kendrick. The analyst believes the recent downturn has ended, signaling the start of a new recovery phase for the cryptocurrency market.

Bitcoin Bottom Set at $59,000

Kendrick said Bitcoin’s cycle low is now locked in at around $59,000, representing a decline of roughly 53% from its October all-time high of $126,000. Bitcoin briefly dropped to $59,375 on June 5 before recovering and trading close to $64,000.

According to Kendrick, “winter is over” for the crypto market, with conditions now pointing toward a stronger period ahead.

SpaceX IPO and ETF Selling Pressure

One of the main reasons behind the recent selloff was heavy outflows from spot Bitcoin ETFs. More than $5.72 billion has been withdrawn from these funds since the second week of May.

Some ETF investors were reportedly selling Bitcoin to raise cash for the highly anticipated SpaceX IPO. With SpaceX shares debuting near $150 and quickly rising about 26% above their offering price, he believes this source of selling pressure may now be fading.

US-Iran Peace Deal Could Boost Market Sentiment

Kendrick also pointed to reports of a possible U.S.-Iran peace agreement as another positive factor for crypto markets. A reduction in geopolitical tensions could help lower oil prices, which may ease pressure on U.S. Treasury yields and improve conditions for risk assets such as Bitcoin.

Key Signals Investors Should Watch

To confirm that the market bottom is secure, Kendrick is watching three developments: a new Bitcoin purchase announcement from Strategy, a return to positive inflows for U.S. spot Bitcoin ETFs, and continued weakness in oil prices.

Despite uncertainty surrounding negotiations between Washington and Tehran, Kendrick remains optimistic and continues to hold year-end targets of $100,000 for Bitcoin and $4,000 for Ether.