Standard Chartered analyst says Bitcoin bottomed at $59,000, declares end of crypto winter
By
Olivier Acuna
16h ago· 3 min readenInsight
85/100
Golden Brown
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Master baker tier. Every paragraph earns its place on the tray.
Score85TypeanalysisSentimentpositive
Summary
Standard Chartered analyst Geoffrey Kendrick declares that Bitcoin has reached its cycle bottom at $59,000, marking a 53% drop from its all-time high of $126,000. He states the crypto winter is over and a "crypto spring" has begun. Kendrick points to the SpaceX IPO and a potential U.S.-Iran peace deal as the dual catalysts that ended the recent crypto sell-off.
Key quotes
· 2 pulledWinter is over. Welcome back to crypto Spring.
The cycle low is now locked in at $59,000 for bitcoin, a 53% drop from its Oct. 6 all-time high of $126,000.
Senior market analyst Geoffrey Kendrick pointed to the SpaceX IPO and a potential U.S.-Iran peace deal as the dual catalysts ending the recent crypto sell-off.
