Standard Chartered: Bitcoin Likely Hit $59K Bottom on June 13, Crypto Winter Ending

According to Standard Chartered analyst Geoffrey Kendrick, Bitcoin's cycle low likely formed near $59,000 on June 13, marking the end of the current market downturn. The analyst noted that BTC has declined 53% from its October 6 peak of $126,000, with the currency trading near $64,000 as of the report date. Kendrick stated, "Winter is over, welcome back to crypto spring."

Kendrick attributed the market shift to recent U.S. spot Bitcoin ETF redemptions totaling over $5.72 billion since mid-May, partly due to holders liquidating positions for SpaceX IPO participation. He also cited potential U.S.-Iran peace negotiations over the G7 as a factor that could ease oil price pressure and reduce macro headwinds for crypto markets.