The cryptocurrency market has reached its definitive bottom for the monetary cycle, Standard Chartered analyst Geoffrey Kendrick said in a note on Friday.
The cycle low is now set at $59,000 for Bitcoin, a 53% decline from its October 6 all-time high of $126,000, according to Kendrick.
“Winter is over. Welcome to crypto Spring,” he said.
Data from CoinDesk shows that bitcoin reached $59,375 on the evening of June 5, around 6:00 p.m. UTC. At the time of writing, bitcoin was sitting at just under $64,000.
Kendrick, who has an ether price target of $4,000 and bitcoin price of $100,000 by the end of this year, identified two main factors on Friday that support this market rally.
First, recent weeks have seen some of the largest spot Bitcoin ETF sales since their inception. Total redemptions have exceeded $5.72 billion since the second week of May. He also noted that ETF holders had liquidated their positions anecdotally to free up liquidity to participate in SpaceX’s initial public offering (IPO).
Elon Musk’s SpaceX shares began trading Friday on Nasdaq at around $150 and are now about 26% above their IPO price.
