The cryptocurrency market reached its final bottom for the currency cycle, Standard Chartered analyst Geoffrey Kendrick said in a note on Friday.
The cycle low is now locked at $59,000 for bitcoin, down 53% from its Oct. 6 all-time high of $126,000, according to Kendrick.
“Winter is over. Welcome back to crypto spring,” he said.
CoinDesk data shows that bitcoin touched as low as $59,375 on the evening of June 5 around 18:00 UTC. At the time of writing, bitcoin was just hovering back at $64,000.
Kendrick, who has $4,000 ether and a $100,000 bitcoin price target by the end of this year, on Friday identified two core drivers supporting this market reversal.
First, recent weeks have been some of the sharpest bitcoin ETF selling since inception. Total redemptions exceeded $5.72 billion since the second week of May. He also noted that ETF holders have anecdotally liquidated their positions to free up cash to participate in the SpaceX initial public offering (IPO).
Elon Musk’s SpaceX shares began trading on the Nasdaq at around $150 on Friday and are now about 26% above their IPO price.
