Bitcoin’s drop to $59,000 likely marked the cycle bottom
Standard Chartered analyst Geoffrey Kendrick maintained his year-end targets of $100,000 for Bitcoin and $4,000 for Ethereum.
Kendrick cited heavy spot Bitcoin ETF redemptions, liquidity pressure tied to the SpaceX IPO, and easing macro stress as key factors behind the recent selloff.
He expects renewed buying and ETF inflows to help confirm the bottom, and said Ethereum may outperform Bitcoin in the near term.