Bitcoin Sees Cycle Bottom at $59,375, Analyst Predicts 'Crypto Spring'

Standard Chartered analyst Geoffrey Kendrick has made a bold prediction about Bitcoin's price. According to Kendrick, Bitcoin reached its cycle bottom at $59,375 on June 5, which is a 53% drop from its all-time high of $126,000 in October.

Kendrick believes that the low was caused by two catalysts: the SpaceX IPO and the potential US-Iran peace deal. The analyst notes that ETF holders have been liquidating positions to free up cash for SpaceX IPO participation, which has led to a decrease in selling pressure.

However, Trump's U-turn on the Iran situation may have complicated Kendrick's thesis. Despite this, Kendrick remains optimistic and is watching three key metrics to confirm his bottom call. These include Strategy purchasing more Bitcoin, US spot Bitcoin ETFs returning to net-positive daily inflows, and continued declines in international oil prices.

If all three signals are confirmed, the case for $59,000 as the genuine cycle low strengthens, making Kendrick's targets of $100,000 for Bitcoin and $4,000 for Ethereum by year-end more credible.