Standard Chartered Analyst: Bitcoin Cycle Bottom Confirmed; Crypto Winter Officially Over

TechFlow News, June 13: According to a CoinDesk report, Standard Chartered analyst Geoffrey Kendrick stated in his Friday research note that Bitcoin’s current cycle bottom has been confirmed at $59,000—representing a roughly 53% pullback from its all-time high of $126,000 on October 6—and declared, “The crypto winter is over; spring has arrived.”

Kendrick attributed this reversal to two catalysts: First, SpaceX officially listed on Nasdaq on Friday, with an IPO price of approximately $150 per share; its stock has since risen about 26% above the offering price. Prior to the IPO, ETF holders redeemed large amounts of shares to participate in the SpaceX subscription—cumulative redemptions since the second week of May exceeded $5.72 billion. With the IPO now completed, this selling pressure is expected to subside. Second, if the U.S.-Iran peace agreement under the G7 framework materializes, it would suppress oil price increases, thereby alleviating upward pressure on U.S. Treasury yields and reducing macroeconomic headwinds for crypto markets.

Kendrick also set year-end target prices: $100,000 for Bitcoin and $4,000 for Ethereum. He highlighted three key confirmation signals to monitor closely: whether MicroStrategy (MSTR) adds Bitcoin holdings this week, whether U.S. spot Bitcoin ETFs resume net inflows, and whether international oil prices continue declining.