Kendrick Sees Crypto Spring as Bitcoin Reaches Cycle Low at $59,000

Standard Chartered analyst Geoffrey Kendrick says Bitcoin's cycle low was at $59,000 on June 5. This conclusion comes after a 53% decline from its all-time high of $126,000 reached in October.

Kendrick attributes some of the recent selling pressure to investors cashing out for the SpaceX IPO. U.S. spot Bitcoin ETFs saw total net outflows of $5.72 billion since mid-May, with $3.1 billion redeemed in a single week. The IPO has seen its shares trade up 26% from the initial price.

Kendrick believes that with a potential U.S.-Iran peace deal and falling oil prices, macro pressure on crypto is easing. He also notes that lower oil prices would reduce pressure on U.S. Treasury yields, which in turn would benefit riskier assets like Bitcoin.