Geoffrey Kendrick, Senior Market Analyst at Standard Chartered, stated in a report on Friday that Bitcoin has bottomed near $59,000, marking the end of the latest downturn in the crypto market.
Geoffrey Kendrick pointed out that the cycle low of $59,000 represents a 53% decline from the previous all-time high of $126,000. The core drivers behind the recent market reversal include SpaceX's initial public offering on the Nasdaq, which may signal the end of previous selling pressure on Bitcoin spot ETFs, as well as expectations of a peace process between the US and Iran driving international oil prices down, thereby alleviating macro pressures on the crypto market. Going forward, Geoffrey Kendrick will monitor whether MicroStrategy purchases more Bitcoin this week and whether daily inflows into US spot Bitcoin ETFs return to a net positive state, in order to confirm the market bottom. (coindesk)