Bitcoin (BTC) Price Prediction: Standard Chartered Says $59,000 Was the Cycle Low as Crypto Spring Begins

TLDR

Standard Chartered analyst Geoffrey Kendrick says Bitcoin hit its cycle low at $59,000 on June 5 Bitcoin ETF outflows of $5.72 billion since mid-May were partly driven by investors cashing out for the SpaceX IPO SpaceX began trading on Nasdaq at $150, now up around 26%, which may end the crypto selling pressure Potential U.S.-Iran peace deal and falling oil prices are easing macro pressure on crypto Kendrick maintains his $100,000 Bitcoin and $4,000 Ethereum year-end price targets

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Bitcoin touched $59,375 on June 5, 2026, according to CoinDesk data. Standard Chartered analyst Geoffrey Kendrick now says that price level marked the definitive bottom of the current cycle.

“Winter is over. Welcome back to crypto Spring,” Kendrick wrote in a note published Friday.

At the time of writing, Bitcoin was trading just below $64,000, recovering from its recent lows.

Bitcoin (BTC) Price

The drop from Bitcoin’s all-time high of $126,000, reached on October 6, represents a 53% decline to that $59,000 low.

SpaceX IPO Drove Crypto Selling

One of the main reasons for the recent selloff, according to Kendrick, was the SpaceX initial public offering. Investors reportedly sold Bitcoin ETF holdings to free up cash to participate in the IPO.

U.S. spot Bitcoin ETFs saw total net outflows of $5.72 billion since the second week of May. That level of redemption was among the sharpest since these products launched.

SpaceX shares began trading on Nasdaq on Friday at around $150. They are now trading approximately 26% above that IPO price. Kendrick believes the IPO launch may bring that specific selling pressure to a close.

On crypto exchange Hyperliquid, SpaceX contracts were trading with high volume and a valuation of up to $2.4 trillion.

Oil Prices and Iran Talks Support Recovery

The other catalyst Kendrick pointed to was a potential U.S.-Iran peace deal discussed at the G7. If confirmed, it could help keep oil prices from rising further.

Lower oil prices would reduce pressure on U.S. Treasury yields. When yields fall, riskier assets like Bitcoin tend to benefit.

Brent crude fell to around $87 a barrel, while West Texas Intermediate was near $85, as President Trump spoke of a likely peace deal. Trump later posted on Truth Social saying the deal that was made public was not what had been agreed, and warned Iranian officials to “get their act together.”

Three Signals Kendrick Is Watching

Kendrick listed three things he wants to see to confirm the market floor is in place.

First, he is looking for Strategy, led by Michael Saylor, to announce a new Bitcoin purchase this coming Monday.

Second, he wants to see net-positive daily inflows return to U.S. spot Bitcoin ETFs.

Third, he is tracking whether oil prices continue to fall.

Kendrick is keeping his year-end price targets unchanged: $100,000 for Bitcoin and $4,000 for Ethereum. He also said he expects Ethereum to outperform Bitcoin in the near term.

For those who bought Bitcoin near the $59,000 low, Kendrick’s $100,000 target would represent a gain of roughly 70% by year-end.

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