Standard Chartered Analyst Says Bitcoin Bottom Set at $59,000, Citing SpaceX IPO and Iran Peace Deal
Standard Chartered analyst Geoffrey Kendrick declared the crypto market has reached its cycle bottom, with bitcoin bottoming at $59,000. He cited two catalysts: the SpaceX IPO, which drew selling pressure from ETF holders freeing cash for the offering, and a potential U.S.-Iran peace deal that could cap oil prices and ease macro pressures. Kendrick noted that spot bitcoin ETF redemptions exceeded $5.72 billion since mid-May, partly attributed to positioning for SpaceX's listing. A peace deal could lower Treasury yields, supporting risky assets. To confirm the bottom, he expects renewed bitcoin buying by Strategy (MSTR), positive ETF inflows, and falling oil prices. He maintains year-end targets of $100,000 for bitcoin and $4,000 for ether, predicting ether will outperform.
Key facts
- Bitcoin bottomed at $59,000, a 53% drop from its all-time high, according to Standard Chartered.
- SpaceX IPO caused heavy ETF selling as investors freed cash for the offering.
- Potential U.S.-Iran peace deal could lower oil prices and ease macro headwinds.
- Key confirmation signals: Strategy buying, positive ETF inflows, and falling oil prices.
- Analyst maintains year-end targets of $100,000 for bitcoin and $4,000 for ether.