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

According to a report on Friday by Geoffrey Kendrick, Senior Market Analyst at Standard Chartered Bank, Bitcoin has bottomed around the $59,000 mark, signaling the end of the latest crypto market downturn.

Geoffrey Kendrick noted that this cycle low of $59,000 represents a 53% decline from the previous all-time high of $126,000. The core drivers behind the recent market reversal include SpaceX's initial public offering (IPO) on the Nasdaq, which may have concluded the previous selling pressure on Bitcoin spot ETFs, and expectations for a peace process between the U.S. and Iran leading to a decline in international oil prices, thereby alleviating macro pressures on the crypto market. Geoffrey Kendrick will be watching this week to see if MicroStrategy acquires more Bitcoin and if daily inflows into U.S. spot Bitcoin ETFs return to positive territory, to confirm that the market has bottomed. (coindesk)