Standard Chartered Bank: The cryptocurrency market has reached a cyclical bottom, and Bitcoin is expected to return to $100,000 by the end of the year

According to CoinDesk, Standard Chartered Bank analyst Geoffrey Kendrick stated in a report on Friday that the cryptocurrency market has reached the final bottom of this monetary cycle. The cycle low for Bitcoin is currently set at $59,000, down 53% from the historical high of $126,000 reached on October 6. Kendrick expects that by the end of this year, the price of Ethereum will reach $4,000, and the price of Bitcoin will reach $100,000.

He pointed out that there are two core factors supporting this market rebound. First, in recent weeks, Bitcoin spot ETFs have faced the most severe sell-off since their inception. Since the second week of May, total redemptions have exceeded $5.72 billion. He also noted that it is rumored that ETF holders have been liquidating their positions to free up funds to participate in SpaceX's initial public offering (IPO). Kendrick stated that SpaceX's IPO this Friday could end the current selling pressure.

Second, if the G7-related peace agreement reached between the U.S. and Iran is true, it would help prevent oil prices from skyrocketing. A decline in oil prices would suppress the rising U.S. Treasury yields, thereby alleviating the macro pressure on the cryptocurrency market. To confirm that the market bottom is solid, Kendrick will closely monitor in the coming days: the news on Monday about Strategy (MSTR) increasing its Bitcoin holdings this week; whether the U.S. spot Bitcoin ETF can restore net inflows this Friday.