Bitcoin Cycle Low Confirmed at $59K, Analyst Sees $100K Target

Standard Chartered analyst Geoffrey Kendrick believes that Bitcoin has hit its cycle low at $59,000 on June 5. This price level, which was seen in June 2026, marks a significant bottom for the current market cycle.

The recent selloff in Bitcoin, which saw a decline of 53% from its all-time high of $126,000, has been partly driven by investors cashing out to participate in the SpaceX IPO. The launch of SpaceX's shares on Nasdaq at $150 and subsequent rise to around 26% above that price may signal an end to this selling pressure.

Kendrick also pointed to a potential U.S.-Iran peace deal as a catalyst for recovery, noting that lower oil prices would reduce macroeconomic pressure on crypto. He maintains his year-end price targets of $100,000 for Bitcoin and $4,000 for Ethereum.