Bitcoin Price Prediction: Standard Chartered Says $59K Marked Cycle Bottom

Key Insights:

• Bitcoin price prediction improves after Standard Chartered called $59K the cycle low.
• SpaceX IPO demand may have drained crypto liquidity before easing.
• Kendrick still sees Bitcoin reaching $100K and Ethereum hitting $4K.

Bitcoin price prediction turned sharply constructive after Standard Chartered said Bitcoin’s $59,000 low likely marked the cycle bottom. Analyst Geoffrey Kendrick said the latest selloff may have ended after Bitcoin rebounded near $64,000.

The call came as SpaceX completed a historic Nasdaq debut, making Elon Musk the world’s first trillionaire. Kendrick tied the weakness to ETF selling, liquidity stress, and oil-driven macro fear. He now expects those pressures to ease as crypto enters what he called a new spring.

Bitcoin Price Prediction Improves After $59K Bottom Call

Standard Chartered kept its $100,000 year-end Bitcoin target after the rebound from early June lows. Kendrick said the fall toward $59,000 was likely the final low for this cycle. That level marked a steep drawdown from Bitcoin’s October peak near $126,000.

Bitcoin 1-month price movement | Source: TradingView

The Bitcoin price prediction now depends on whether buyers defend that floor. Bitcoin was trading near $64,000 after recovering from the selloff. The move showed renewed demand after weeks of pressure across digital assets.

Kendrick said the damage came from forced selling and weak ETF flows. Spot Bitcoin ETFs saw heavy redemptions from mid-May, according to his note. Those outflows removed a key institutional support during the decline.

Bitcoin Price Prediction Tracks SpaceX Liquidity Shift

The SpaceX IPO became a major part of Kendrick’s market view. He said some ETF holders likely sold exposure to Bitcoin to raise cash for SpaceX allocations. That pressure may now fade because the listing is already live.

SpaceX priced its IPO at $135 per share and began trading under the ticker SPCX. Shares opened higher, lifting the company above the $2 trillion valuation threshold. The debut also pushed Musk’s wealth past the trillion-dollar mark.

That matters for crypto because SpaceX absorbed speculative capital across markets. Traders also followed SpaceX-linked contracts on crypto venues before the listing. The overlap showed how quickly liquidity can rotate between tech, equities, and digital assets.

Large IPOs can briefly drain risk appetite. That pressure often fades once allocations settle. Kendrick’s Bitcoin price prediction assumes this liquidity drag is now easing.

Macro Relief and ETF Flows Shape the Next BTC Move

Geopolitics remains the second major factor behind Standard Chartered’s call. Kendrick said a possible U.S.-Iran peace deal could help lower oil prices. Softer oil would reduce inflation pressure and cool Treasury yields.

That setup would support risk assets, including Bitcoin and Ethereum. Higher yields often hurt crypto because investors can earn safer returns elsewhere. Lower yields can bring capital back into speculative markets.

Still, the peace narrative remains uncertain. President Donald Trump later questioned the reported deal on Truth Social. That shift kept oil and macro risk in focus for traders.

Kendrick is watching three signals for confirmation. The first is whether Strategy announces another Bitcoin purchase on Monday. The second is whether U.S. spot Bitcoin ETFs return to daily net inflows. The third is whether oil prices continue to fall.

Ethereum Target Holds as Bitcoin Recovery Gains Attention

Standard Chartered also kept its $4,000 Ethereum target after the selloff. Kendrick expects ETH to outperform Bitcoin if market confidence returns. Ethereum was still trading well below that target near the $1,600 area.

The bank’s Ethereum view centers on stablecoins, tokenized assets, and settlement demand. Those uses can support network value even when price action looks weak. A stronger ETH/BTC ratio would show renewed demand for Ethereum exposure.

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