Standard Chartered’s Spring Update for Bitcoin: The Bottom Is In, Here Are the Year-End Targets
Standard Chartered analyst Geoffrey Kendrick announced that the Bitcoin (BTC) price has bottomed at the $59,000 level and that the “spring” period in the cryptocurrency market has begun.
The eyes of the crypto world have once again turned to the analyses of major banks. As can be seen in the image, Geoffrey Kendrick, an analyst working within global finance giant Standard Chartered, shared a message of hope for investors, stating that the market has seen its lowest level in this cycle. According to Kendrick, with the Bitcoin (BTC) price retreating to the $59,000 band, the crypto winter has officially ended.
The analyst continues to maintain his year-end target of $100,000 for Bitcoin (BTC) and $4,000 for Ethereum (ETH). The leading cryptocurrency, which retreated to as low as $59,375 on June 5, approached the $64,000 mark again with the support it received from this point. Kendrick emphasizes that two main factors lie behind this turnaround in the market.
The Impact of SpaceX and ETF Sales
The intense selling pressure seen in spot Bitcoin ETFs in recent weeks was caused by investors closing their positions to meet their cash needs. Specifically, it is stated that investors wishing to participate in the IPO of Elon Musk’s company SpaceX converted their ETF holdings into cash. This pressure, created by SpaceX shares starting to trade at the $150 level on Nasdaq, is expected to end as the IPO process progresses.
Macroeconomic Data and Oil Prices
The decline in oil prices and macroeconomic developments also play a critical role in solidifying the market’s floor price. With rumors of a possible peace agreement between the US and Iran, the price of Brent crude falling to the $87 levels could ease the pressure on the crypto market by cooling US Treasury yields.
Kendrick also predicts that an announcement of a new Bitcoin purchase by Michael Saylor’s company MicroStrategy (MSTR) and the resumption of positive inflows into ETFs will confirm the market’s upward trend. A continued decline in oil prices could create a driving force for cryptocurrencies by increasing risk appetite.