Standard Chartered Sees Crypto Bottom as Bitcoin Rebounds to $64,000

Standard Chartered's head of digital asset research, Geoff Kendrick, believes the crypto market has reached its cycle low. In a note on Friday, he stated that Bitcoin's recent dip to approximately $59,000 marked the bottom of the latest downturn, a 53% drawdown from its October all-time high of $126,000.

Kendrick cited two primary catalysts for this call: the historic Nasdaq debut of Elon Musk's SpaceX and potential geopolitics. The bank maintains a $100,000 price target for Bitcoin by year-end, projections it first issued in February.