British bank Standard Chartered (LON: STAN) says the cryptocurrency market has likely bottomed.
Geoffrey Kendrick, the bank’s global head of digital assets research, says that Bitcoin’s recent drop to of $59,000 U.S. was the cycle low point for the largest cryptocurrency
Kendrick notes that Bitcoin fell 53% from a peak of $126,000 U.S. reached last October and is unlikely to fall below $60,000 U.S. again. More From Cryptoprowl: The analyst points to two potential catalysts for Bitcoin that could lead to a turning point. The first is a U.S.-Iran peace deal that could remove much geopolitical uncertainty.
The second is the SpaceX initial public offering (IPO) that may end a period of heavy selling by Bitcoin exchange-traded fund (ETF) holders. Kendrick also called on Strategy (NASDAQ: $MSTR) to increase its Bitcoin purchases, which would lend support to any recovery in Bitcoin’s price. “Winter is over. Welcome back to crypto Spring,” wrote the analyst in a note to clients.