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Standard Chartered Calls Crypto Bottom as Bitcoin Price Recovers From $59,000 Low
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Standard Chartered says crypto's cycle low is likely in, arguing that Bitcoin's drop to roughly $59,000 marked the bottom and that easing IPO-related selling pressure, improving macro conditions, and renewed institutional demand could pave the way toward its $100,000 year-end target.
Key facts
- One of the two primary catalysts Kendrick cited is the historic Nasdaq debut of Elon Musk’s SpaceX, which priced its $75 billion IPO at $135 per share under the ticker SPCX on June 12
- Standard Chartered’s head of digital asset research, Geoff Kendrick, declared Friday that the crypto market has seen its cycle low, with Bitcoin’s recent dip to approximately $59,000 marking
- West Texas Intermediate crude fell roughly 1.5% on Friday to around $85–$86 per barrel
- Standard Chartered says crypto's cycle low is likely in, arguing that Bitcoin's drop to roughly $59,000 marked the bottom and that easing IPO-related selling pressure, improving macro conditions
Summary
Standard Chartered’s head of digital asset research, Geoff Kendrick, declared Friday that the crypto market has seen its cycle low, with Bitcoin’s recent dip to approximately $59,000 marking the bottom of the latest downturn, a 53% drawdown from its October all-time high of $126,000. Welcome back to crypto spring,” Kendrick wrote in a Friday note, adding, “I think we have now seen the low in crypto asset prices for the cycle.” Bitcoin had recovered to around $64,000 at the time of Kendrick’s note, representing a roughly 5% gain over the prior week.