Bitcoin Cycle Low Set at $59,000: Analyst Sees End to Crypto Winter

Standard Chartered analyst Geoffrey Kendrick says Bitcoin has likely set its cycle low at about $59,000, marking the end of the latest crypto downturn. Heavy selling of spot Bitcoin ETFs, partly to free cash for SpaceX's blockbuster IPO, is easing now that the listing has begun.

Kendrick argues that a potential U.S.-Iran peace deal could cap oil prices, and renewed Bitcoin buying by corporate treasuries and positive ETF inflows would confirm a durable market bottom. He believes ether will outperform Bitcoin this year.

The cryptocurrency market reached its definitive bottom for the currency cycle, according to Kendrick. The cycle low is now locked in at $59,000 for Bitcoin, a 53% drop from its Oct. 6 all-time high of $126,000. CoinDesk data shows Bitcoin touched as low as $59,375 on June 5.