Standard Chartered Analyst: Bitcoin Cycle Low Confirmed, Crypto Winter Declared Over

Deep Tide TechFlow reports that on June 13, according to CoinDesk, Standard Chartered Bank analyst Geoffrey Kendrick stated in a research report on Friday that the cycle low for Bitcoin has been confirmed at $59,000, marking a roughly 53% pullback from the all-time high of $126,000 on October 6. He declared that 'the crypto winter is over, and spring has arrived.' Kendrick attributed this reversal to two major catalysts: 1. SpaceX officially went public on Nasdaq last Friday, with an IPO price of approximately $150. The stock has since risen about 26% above its offering price. Previously, ETF holders had redeemed heavily to participate in SpaceX's subscription, with cumulative redemptions exceeding $5.72 billion since the second week of May. With the IPO now completed, this selling pressure is expected to subside. 2. If the U.S.-Iran peace agreement under the G7 framework materializes, it could suppress rising oil prices, thereby alleviating upward pressure on U.S. Treasury yields and reducing macroeconomic burdens on the crypto market. Kendrick also provided year-end price targets: Bitcoin at $100,000 and Ethereum at $4,000. He stated that he will closely monitor three confirmation signals: whether MicroStrategy (MSTR) increases its Bitcoin holdings this week, whether U.S. spot Bitcoin ETFs resume net inflows, and whether international oil prices continue to decline.