Standard Chartered Bank: The crypto market has hit the bottom of the cycle; Bitcoin could return to $100,000 by the end of the year.

According to a report by CoinDesk, Standard Chartered analyst Geoffrey Kendrick stated in a report on Friday that the cryptocurrency market has reached the final bottom of this monetary cycle. Bitcoin's cycle low is currently locked at $59,000, a 53% drop from its all-time high of $126,000 reached on October 6th. Kendrick predicts that Ethereum will reach $4,000 and Bitcoin will reach $100,000 by the end of the year. He pointed out two core factors supporting this market rebound. First, Bitcoin spot ETFs have experienced their most intense sell-off since inception in recent weeks. Since the second week of May, total redemptions have exceeded $5.72 billion. He also noted that ETF holders have been rumored to be liquidating to free up funds for SpaceX's initial public offering (IPO). Kendrick stated that SpaceX's IPO this Friday could end the current selling pressure. Second, if a G7-related peace agreement is reached between the US and Iran, it would help prevent a surge in oil prices. Falling oil prices will curb rising US Treasury yields, thus easing macroeconomic pressures on the cryptocurrency market. To confirm a solid market bottom, Kendrick will be closely watching in the coming days: the news released Monday that Strategy (MSTR) increased its Bitcoin holdings this week; and whether the US spot Bitcoin ETF can resume net inflows this Friday.