Standard Chartered’s head of digital asset research, Geoff Kendrick, declared Friday that the crypto market has seen its cycle low, with Bitcoin’s recent dip to approximately $59,000 marking the bottom of the latest downturn — a 53% drawdown from its October all-time high of $126,000.
“Winter is over. Welcome back to crypto spring,” Kendrick wrote in a Friday note, adding, “I think we have now seen the low in crypto asset prices for the cycle.”
Bitcoin had recovered to around $64,000 at the time of Kendrick’s note, representing a roughly 5% gain over the prior week. The bank maintains a $100,000 price target for Bitcoin by year-end — projections it first issued in February.
SpaceX IPO drains crypto liquidity — then frees it
One of the two primary catalysts Kendrick cited is the historic Nasdaq debut of Elon Musk’s SpaceX, which priced its $75 billion IPO at $135 per share under the ticker SPCX on June 12.
Shares opened sharply above their IPO price, gaining roughly 20% on debut day. Kendrick argued that a significant portion of recent Bitcoin ETF outflows — totaling more than $5.72 billion since the second week of May, among the sharpest “since inception” — was driven by investors liquidating crypto positions to secure SpaceX allocations. With the IPO now live, that specific selling pressure may lift, he said.
The overlap between crypto and SpaceX demand was already playing out in real time. On Hyperliquid, perpetual contracts for SpaceX (SPCX) had accumulated over $240 million in open interest and $220 million in 24-hour volume ahead of the debut — ranking it as the eighth-largest asset on the platform.
Iran is a wildcard
The second catalyst involves geopolitics. A potential peace deal between the U.S. and Iran, timed ahead of next week’s G7 summit, could reduce pressure on global oil supplies that have remained tight since Middle East hostilities began.
Lower oil prices would subsequently cool elevated U.S. Treasury yields — which have weighed on risk assets like crypto by making risk-free government debt more attractive.
West Texas Intermediate crude fell roughly 1.5% on Friday to around $85–$86 per barrel. However, the peace deal narrative remained fragile.
President Trump stated Thursday that a breakthrough could come this weekend, only to later post on Truth Social that the deal made public was not what had been agreed, warning Iranian officials to “get their act together” — adding uncertainty to the macro outlook.
Three bitcoin price signals to watch
Kendrick outlined three confirmation signals that would validate his call. First, he is watching for Strategy to announce an additional Bitcoin purchase on Monday, as CEO Michael Saylor’s buying history has served as a reliable demand signal for institutional appetite.
Second, he is expecting U.S. spot Bitcoin ETFs to return to net-positive daily inflows on Friday.
Third, he wants to see continued declines in global oil prices as the Iran diplomatic situation evolves.
If all three materialize, Kendrick’s crypto spring thesis gains its clearest validation yet — suggesting institutional and macro forces are finally aligning to push Bitcoin back toward the bank’s $100,000 year-end target.