Standard Chartered Analyst Claims Bitcoin Bottomed at $59,000
Standard Chartered analyst Geoffrey Kendrick identifies $59,000 as Bitcoin's cycle low, suggesting an end to the recent crypto downturn. Kendrick cites factors like a potential U.S.-Iran peace deal and heavy selling of spot Bitcoin ETFs as catalysts for this market shift, according to CoinDesk.
Geoffrey Kendrick, a senior market analyst at Standard Chartered, claims that Bitcoin has reached its cycle low of $59,000. This figure marks a significant downturn of 53% from its all-time high of $126,000 set on October 6, 2025. Kendrick believes this indicates the end of the recent "crypto winter." He points to two primary drivers for this turnaround.
Firstly, Kendrick noted that the recent selling pressure on Bitcoin has been notable, with over $5.72 billion redeemed from spot Bitcoin Exchange-Traded Funds (ETFs) since mid-May. Some of this selling was driven by ETF holders liquidating positions to fund participation in SpaceX's initial public offering (IPO), which has reportedly seen strong demand. Kendrick speculates that with SpaceX shares trading above their initial price, the selling pressure might soon ease.
Secondly, Kendrick considers a potential peace agreement between the U.S. and Iran to be beneficial for the crypto market. Should this deal come to fruition, it could help stabilize oil prices and subsequently lower U.S. Treasury yields, which have exerted pressure on cryptocurrencies. He monitors several key indicators to confirm the market bottom, including announcements regarding Bitcoin purchases by Michael Saylor's business, MicroStrategy, and a return to positive daily inflows for U.S. spot Bitcoin ETFs.
Kendrick expressed optimism about the market's future, stating, "Winter is over. Welcome back to crypto Spring." He also anticipates that Ethereum could outperform Bitcoin moving forward, with specific price targets of $4,000 for Ethereum and $100,000 for Bitcoin by year-end.
Summary based on original reporting by Olivier Acuna at CoinDesk, originally published Jun 12, 2026. SolanaWire does not republish source content.
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