Standard Chartered analyst Geoff Kendrick believes the crypto market has hit its lowest point following Bitcoin's drop to nearly $59,000, representing a 53% decline from its October peak of $126,000. Catalysts for a reversal include a potential U.S.-Iran peace deal that could lower oil prices, and SpaceX's $1.75 trillion IPO, which might free up capital. Kendrick notes that higher oil prices have boosted Treasury yields, making risk assets less attractive. He confirms the turnaround requires sustained Bitcoin ETF inflows, lower oil prices, and Strategy continuing to buy BTC. Bitcoin is currently above $64,000, up 5% over the past week, while total crypto market cap slightly decreased to $2.277 trillion.

Key facts

• Bitcoin dropped to nearly $59,000, a 53% decline from its $126,000 peak.
• Potential U.S.-Iran peace deal and SpaceX IPO are key catalysts.
• Confirmation requires Bitcoin ETF inflows, lower oil, and Strategy buying.
• Bitcoin currently above $64,000, up 5% in the past week.

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