Standard Chartered: Crypto Market Hits Cycle Bottom; Bitcoin Could Reach $100,000 by Year-End

Huo Xing Finance reports, according to CoinDesk, Geoffrey Kendrick, an analyst at Standard Chartered Bank, 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’s price to reach $4,000 by the end of this year and Bitcoin’s price to reach $100,000. 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. Since the second week of May, total redemptions have exceeded $5.72 billion. He also noted 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 mark the end of 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 pressure 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.