Geoffrey Kendrick, a senior market analyst, cited the SpaceX IPO and a possible U.S.-Iran peace agreement as key factors ending the recent downturn in crypto.
By Olivier Acuna|Edited by Aoyon Ashraf Jun 12, 2026, 6:09 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Standard Chartered's Geoffrey Kendrick has signaled the end of the crypto winter, ushering in a new season for the market. ((Shkuru Afshar/Wikimedia Commons)SummaryShow- According to Geoffrey Kendrick, a senior analyst at Standard Chartered, bitcoin has likely reached its lowest point at approximately $59,000, indicating a recovery from the latest downturn.
- Kendrick believes that significant selling pressure from spot bitcoin ETFs, partially attributed to the SpaceX IPO, is expected to decrease now that the listing has commenced.
- He also suggests that a potential peace agreement between the U.S. and Iran, which could stabilize oil prices, along with renewed corporate treasury investments in bitcoin and positive ETF inflows, would affirm a solid market bottom and support his prediction that ether will outperform bitcoin.
Geoffrey Kendrick, a market analyst at Standard Chartered, has stated that the cryptocurrency market has reached its low point for the current cycle.
He has set the cycle low for bitcoin at $59,000, marking a 53% decline from its all-time high of $126,000 recorded on October 6, according to Kendrick.
"The winter is over. Welcome back to crypto Spring," he remarked.
CoinDesk data indicates that bitcoin fell to as low as $59,375 on June 5 around 18:00 UTC. As of now, bitcoin is trading just below $64,000.
Kendrick, who has set a price target of $100,000 for bitcoin and $4,000 for ether by the end of the year, highlighted two main factors supporting this market shift.
Firstly, recent weeks have seen some of the highest levels of spot bitcoin ETF redemptions since their inception, totaling over $5.72 billion since early May. He pointed out that ETF holders have been liquidating positions to raise funds for the SpaceX IPO.
Shares of Elon Musk's SpaceX began trading on Nasdaq at approximately $150 on Friday and have since risen by about 26% from that price.
This strong market interest is already visible on digital asset platforms like Hyperliquid, where SpaceX's crypto contracts have recently traded at high volumes and reached a valuation of up to $2.4 trillion.
Kendrick believes that the selling pressure associated with the SpaceX IPO will likely dissipate following its launch.
Secondly, a potential peace agreement between the U.S. and Iran, as discussed in G7 meetings, could help keep oil prices from rising further. Lower oil prices would, in turn, mitigate the increasing U.S. Treasury yields, reducing macroeconomic pressure on crypto markets.
To verify that the market floor is secure, Kendrick is monitoring three key indicators in the coming days. He anticipates an announcement on Monday regarding purchases of bitcoin by Michael Saylor's Strategy (MSTR) this week. He is also looking for a return to net-positive daily inflows for U.S. spot bitcoin ETFs this Friday, as international oil prices continue to decline.
Brent crude oil prices have dropped to around $87 a barrel, while West Texas Intermediate crude is priced at about $85 a barrel during remarks from U.S. President Donald Trump about a potential peace deal with Iran.
However, he later retracted this statement in a post on Truth Social, indicating that the disclosed agreement was not what had been finalized and urging Tehran's officials to quickly "get their act together."
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