Standard Chartered Analyst: Bitcoin Has Bottomed at $59,000, Signaling End of Crypto Winter

Odaily reported that Geoffrey Kendrick, senior market analyst at Standard Chartered, said in a report on Friday that Bitcoin has bottomed around $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 behind the recent market reversal include SpaceX's initial public offering on the Nasdaq, which may bring an end to the previous selling pressure on Bitcoin spot ETFs, as well as expectations of a peace process between the U.S. and Iran pushing international oil prices lower, thereby easing macro pressures on the crypto market. Geoffrey Kendrick will subsequently monitor whether MicroStrategy buys more Bitcoin this week and whether daily inflows into U.S. spot Bitcoin ETFs return to positive territory to confirm the market bottom. (coindesk)