Geoffrey Kendrick from Standard Chartered claims Bitcoin has bottomed at $59,000, signaling a recovery in the crypto market due to key factors like the SpaceX IPO.
Analyst Geoffrey Kendrick Points to Market Shifts as Signs of Recovery
Geoffrey Kendrick, a senior analyst at Standard Chartered, has declared that Bitcoin has likely reached its lowest point at around $59,000, suggesting a potential recovery in the cryptocurrency market.
Kendrick attributes this shift to several key factors, including the recent IPO of SpaceX and the possibility of a peace agreement between the U.S. and Iran. He noted that the selling pressure from spot Bitcoin ETFs, which was partly fueled by the SpaceX IPO, is expected to ease now that the shares have begun trading.
The price of Bitcoin saw a drop to $59,375 on June 5 before rebounding to just below $64,000 at present. Kendrick has set a price target of $100,000 for Bitcoin and $4,000 for Ether by year-end.
He highlighted that more than $5.72 billion in spot Bitcoin ETF redemptions occurred since early May, largely as investors liquidated assets to participate in the SpaceX IPO, which debuted on Nasdaq at around $150 and has since risen by 26%.
Additionally, Kendrick pointed out that a potential peace deal between the U.S. and Iran, discussed at G7 meetings, could stabilize oil prices, which in turn would reduce macroeconomic pressures on cryptocurrencies.
To confirm the market's stabilization, Kendrick is keeping an eye on several indicators, including announcements regarding Bitcoin purchases by Michael Saylor's Strategy (MSTR) and the return of net-positive daily inflows for U.S. spot Bitcoin ETFs.
As of now, Brent crude oil prices have fallen to about $87 a barrel, while West Texas Intermediate crude is around $85, coinciding with discussions around the peace agreement, although U.S. President Donald Trump later downplayed the finality of these negotiations.
