TechFlow to a report by CoinDesk on June 13, Standard Chartered analyst Geoffrey Kendrick stated in a research report on Friday that the low point of this Bitcoin cycle has been locked at $59,000, a pullback of about 53% from the all-time high of $126,000 on October 6, and declared that "the Crypto Winter is over and spring has arrived."
Kendrick attributes this reversal to two major catalysts: First, SpaceX officially listed on Nasdaq on Friday with an IPO price of approximately $150, which has now risen by about 26% from the offering price. Previously, ETF holders redeemed a large number of shares to participate in SpaceX subscriptions, with cumulative redemptions exceeding $5.72 billion since the second week of May. With the IPO now underway, this selling pressure is expected to subside. Second, if a peace agreement between the US and Iran under the G7 framework is realized, it will suppress oil price increases, thereby alleviating upward pressure on US Treasury yields and reducing the macroeconomic burden on the crypto market.
Kendrick also gave year-end price targets: $100,000 for Bitcoin and $4,000 for Ethereum, and said he would focus on tracking three confirmation signals: whether Strategy (MSTR) increased its Bitcoin holdings this week, whether the US spot Bitcoin ETF resumed net inflows, and whether international oil prices continued to decline.
