Odaily reported that Geoffrey Kendrick, senior market analyst at Standard Chartered, said in a report released on Friday that Bitcoin has bottomed near $59,000. In his view, that level marks the end of the latest downturn in the crypto market. The report identifies $59,000 as the cycle low and compares it with Bitcoin’s previous all-time high of $126,000, noting that the decline from that peak amounts to 53%.
The $59,000 Cycle Low Compared With the $126,000 Record High
Kendrick’s assessment focuses on where Bitcoin now stands after its retreat from the prior high. According to the figures cited in the report, Bitcoin previously reached an all-time high of $126,000 before moving down toward the $59,000 area. Measured from that record level, the cycle low represents a 53% drawdown. On that basis, Kendrick said Bitcoin has already formed a bottom and that the crypto market’s recent weak phase has ended.
The report also outlined the main factors behind the recent market reversal. One of those factors was SpaceX’s initial public offering on Nasdaq. Kendrick linked that development to a change in the selling pressure previously associated with spot Bitcoin ETFs, describing the end of that pressure as one of the key elements behind the reversal in market conditions.
MicroStrategy and U.S. Spot Bitcoin ETF Flows Remain Key Checks
In addition to SpaceX’s Nasdaq IPO, the report pointed to macroeconomic pressure easing as another driver. Expectations around the U.S.-Iran peace process pushed international oil prices lower, which in turn reduced macro pressure on the crypto market. Kendrick listed the decline in oil prices alongside the shift in ETF-related selling pressure when explaining the recent turnaround.
For further confirmation of the market bottom, Geoffrey Kendrick said he will track two specific signals: whether MicroStrategy buys more Bitcoin this week, and whether daily inflows into U.S. spot Bitcoin ETFs return to net positive territory. Those two indicators will be used to confirm his view that Bitcoin has already bottomed near $59,000. The original report cited Coindesk as the source.