Bitcoin hit bottom at $59,000 marking end to the crypto winter, says Standard Chartered analyst
Senior market analyst Geoffrey Kendrick pointed to the SpaceX IPO and a potential U.S.-Iran peace deal as the dual catalysts ending the recent crypto selloff.
Make preferred on
Share this article
Summary
- Standard Chartered analyst Geoffrey Kendrick says bitcoin has likely set its cycle low at about $59,000, marking the end of the latest crypto downturn.
- Kendrick argues that heavy selling of spot bitcoin ETFs, partly to free cash for SpaceX’s blockbuster IPO, is likely to ease now that the listing has begun.
- He says a potential U.S.-Iran peace deal that could cap oil prices, along with renewed bitcoin buying by corporate treasuries and positive ETF inflows, would confirm a durable market bottom and support his view that ether will outperform bitcoin.
