Bitcoin Price Predicted to Reach $100,000 as Market Sees Cyclical Bottom

Standard Chartered Bank's analyst Geoffrey Kendrick believes that the cryptocurrency market has hit its cyclical bottom, with Bitcoin expected to rebound to $100,000 by year-end. In a report published on Friday, Kendrick pointed out that the cycle low for Bitcoin is currently set at $59,000, down 53% from its historic high of $126,000 reached on October 6.

Kendrick attributed this expected market rebound to two key factors: the sell-off in Bitcoin spot ETFs and a potential decline in oil prices. He noted that total redemptions for these ETFs have exceeded $5.72 billion since May 12, while it's rumored that holders are liquidating their positions to free up funds for SpaceX's initial public offering (IPO) this Friday.

Kendrick also mentioned that a G7-related peace agreement between the U.S. and Iran could prevent oil prices from skyrocketing, thereby alleviating macro pressure on the cryptocurrency market.