Standard Chartered Says Crypto Market Has Bottomed

By: CryptoProwl British bank Standard Chartered (LON: STAN) says the cryptocurrency market has likely bottomed. Geoffrey Kendrick, the bank’s global head of digital assets research, says that Bitcoin’s recent drop to of $59,000 U.S. was the cycle low point for the largest cryptocurrency. Kendrick notes that Bitcoin fell 53% from a peak of $126,000 U.S. reached last October and is unlikely to fall below $60,000 U.S. again. The analyst points to two potential catalysts for Bitcoin that could lead to a turning point. The first is a U.S.-Iran peace deal that could remove much geopolitical uncertainty. The second is the SpaceX initial public offering (IPO) that may end a period of heavy selling by Bitcoin exchange-traded fund (ETF) holders. Kendrick also called on Strategy (NASDAQ: $MSTR ) to increase its Bitcoin purchases, which would lend support to any recovery in Bitcoin’s price. “Winter is over. Welcome back to crypto Spring,” wrote the analyst in a note to clients. Kendrick reiterated his forecast for Bitcoin’s price to reach $100,000 U.S. by year’s end. “When we look back at the end of 2026 with Bitcoin at $100k we will say this was the buying zone we all wanted,” he wrote. BTC (CRYPTO: $BTC ) is trading at $63,300 U.S. on June 12.