Standard Chartered says Bitcoin hit $59,000 bottom

A prominent analyst at Standard Chartered declared on Friday that Bitcoin has likely reached its definitive low for the current market cycle, calling an end to the recent downturn. Geoffrey Kendrick, the bank's global head of digital asset research, stated in a client note that the cryptocurrency's slide to approximately $59,000 represents the cycle's bottom, marking a 53% decline from its all-time high of $126,000 in October 2025.

Kendrick pointed to two primary catalysts for a potential market turnaround. The first is the record-breaking initial public offering of SpaceX, which began trading on Friday. He suggested that some of the recent heavy selling pressure on U.S. spot Bitcoin exchange-traded funds, which have seen billions in net outflows since mid-May, may have been driven by investors freeing up cash to participate in the listing. With the IPO now launched, that specific pressure could ease.

The second catalyst is the prospect of a geopolitical truce. Kendrick noted that U.S. President Donald Trump has indicated a potential peace deal with Iran could be signed imminently, ahead of the G7 summit. Such a development, he argued, could halt the recent surge in oil prices,...