Standard Chartered Declares Bitcoin Bottom at $59K on June 12, Crypto Winter Over

BTC-0.81%
According to Standard Chartered, on June 12, the bank's global head of digital assets research Geoffrey Kendrick said Bitcoin has likely reached its cycle low at $59,000, marking a 53% decline from its $126,000 high. Kendrick stated: "I think we have now seen the low in crypto asset prices for the cycle. That would be $59K for BTC. Winter is over. Welcome back to crypto Spring." The analyst attributed the bottom to emerging catalysts including a potential G7-related U.S.-Iran peace deal that could pressure oil prices and Treasury yields, as well as SpaceX IPO-related ETF selling. Kendrick said confirmation would require Strategy (MSTR) to announce additional Bitcoin purchases, positive ETF inflows to resume, and oil prices to continue declining.
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