Bitcoin May Have Hit Bottom: Standard Chartered Analyst Sees Weakness Easing

Geoff Kendrick, head of digital asset research at Standard Chartered, believes that Bitcoin may have hit rock bottom following its recent sharp pullback. According to Kendrick's assessment, the cryptocurrency's decline to around $59,000 marks the weakest point in the market in recent times.

Kendrick noted that Bitcoin has lost over 50% of its value since reaching its record high of $126,000 approximately eight months ago. He argued that the current situation indicates that the selling pressure is nearing its end.

The market recovery depends on several key developments, including positive news from the geopolitical front. Kendrick suggested that a potential peace process between the US and Iran could ease pressure on oil prices and revive interest in risky assets.