Standard Chartered: Crypto Market Hits Cycle Bottom; Bitcoin Could Reach $100K by Year-End

ChainCatcher report, according to CoinDesk, Geoffrey Kendrick, an analyst at Standard Chartered, stated in a report on Friday that the cryptocurrency market has reached the final bottom of this monetary cycle. Bitcoin’s cycle low is currently locked at $59,000, a 53% decline from its all-time high of $126,000 set on October 6. Kendrick expects Ethereum to reach $4,000 and Bitcoin to reach $100,000 by the end of this year. He noted two key factors supporting this market rebound. First, in recent weeks, Bitcoin spot ETFs have experienced their most intense selling pressure since their inception. Total redemptions have exceeded $5.72 billion since the second week of May. He also pointed out that, according to rumors, ETF holders have been liquidating positions to free up capital for participation in SpaceX’s initial public offering (IPO). Kendrick suggested that SpaceX’s IPO this Friday could potentially end the current selling pressure. Second, if the G7-related peace agreement between the U.S. and Iran is genuine, it could help prevent a surge in oil prices. A decline in oil prices would curb rising U.S. Treasury yields, thereby alleviating macroeconomic pressures on the cryptocurrency market. To confirm that the market bottom is solid, Kendrick will closely monitor in the coming days: the announcement on Monday regarding MicroStrategy’s (MSTR) additional Bitcoin purchases this week; and whether U.S. spot Bitcoin ETFs will resume net inflows by Friday.