Standard Chartered Analyst: Bitcoin Has Bottomed at $59,000, Crypto Winter Ends

Odaily Odaily Planet Daily News Standard Chartered Senior Market Analyst Geoffrey Kendrick said in a report on Friday that Bitcoin has bottomed near $59,000, marking the end of the latest crypto market downturn.

Geoffrey Kendrick pointed out that the cycle low of $59,000 represents a 53% decline from the previous all-time high of $126,000. The core drivers triggering the recent market reversal include SpaceX's initial public offering on the Nasdaq, which may have ended the previous selling pressure on Bitcoin spot ETFs, and expectations of a peace process between the US and Iran driving down international oil prices, thus alleviating macro pressure on the crypto market. Geoffrey Kendrick will subsequently monitor whether MicroStrategy buys more Bitcoin this week and whether the daily net inflows of US spot Bitcoin ETFs return to positive territory to confirm the market bottom. (coindesk)