Bitcoin Bottom May Be In at $59,000: Standard Chartered Sees End of Crypto Winter

Standard Chartered Bank's global head of digital assets research, Geoffrey Kendrick, announced that he believes the Bitcoin bottom is in at $59,000. This assessment marks a significant shift from the bank's February report, which predicted that Bitcoin could fall to around $50,000 before recovering later in the year.

Kendrick pointed to several factors as evidence that the market has reached its cycle low. These include the recent G7-related U.S.-Iran peace deal and the SpaceX IPO, which Kendrick believes will lead to a pressure on oil prices and U.S. Treasury yields.

To confirm this shift, Kendrick is looking for several markers, including Strategy's announcement of additional Bitcoin purchases and a return to positive ETF inflows. He also expects continued declines in oil prices to validate his call.