Bitcoin (BTC) Cycle Bottom Called at $59K by Standard Chartered as Crypto Markets Thaw

Key Takeaways

• Geoffrey Kendrick from Standard Chartered identifies Bitcoin’s cycle bottom at $59,000, reached on June 5
• Outflows totaling $5.72 billion from Bitcoin ETFs since mid-May linked to investor positioning for SpaceX’s public debut
• SpaceX commenced Nasdaq trading at $150 per share, currently up approximately 26%, potentially ending crypto liquidation pressure
• Progress on U.S.-Iran diplomatic negotiations and declining oil prices reducing macroeconomic headwinds for digital assets
• Year-end forecasts remain intact: $100,000 for Bitcoin and $4,000 for Ethereum

Bitcoin reached a low of $59,375 on June 5, 2026, based on CoinDesk pricing data. Geoffrey Kendrick, a digital asset analyst at Standard Chartered, has identified this level as the conclusive cycle bottom for the leading cryptocurrency.

As of this writing, Bitcoin was changing hands just under $64,000, showing significant recovery from its recent trough.

The cryptocurrency’s descent from its record peak of $126,000 on October 6 to the $59,000 level constitutes a 53% drawdown.

SpaceX Public Offering Triggered Digital Asset Liquidation

Kendrick attributes much of the recent downward pressure to the SpaceX public offering. Market participants allegedly liquidated Bitcoin ETF positions to raise capital for participation in the highly anticipated IPO.

U.S.-listed spot Bitcoin exchange-traded funds experienced aggregate net redemptions of $5.72 billion beginning in the second week of May. This outflow magnitude ranks among the most severe since these investment vehicles launched.

SpaceX equity started trading on Nasdaq Friday morning at approximately $150 per share. Current trading levels show gains of roughly 26% above the initial offering price. Kendrick suggests this successful IPO may eliminate that particular source of selling pressure.

On decentralized exchange Hyperliquid, SpaceX derivative contracts were experiencing substantial trading activity, implying a company valuation reaching $2.4 trillion.

Declining Energy Prices and Middle East Diplomacy Bolster Outlook

The secondary catalyst Kendrick highlighted involves a prospective U.S.-Iran diplomatic agreement under discussion at the G7 summit. Should this materialize, it could prevent further escalation in global oil prices.

Reduced oil prices would alleviate upward pressure on U.S. Treasury yields. As yields decline, risk assets like Bitcoin typically experience renewed investor interest.

Brent crude retreated to approximately $87 per barrel, with West Texas Intermediate trading near $85, following President Trump’s comments about a probable peace agreement. Trump subsequently clarified on Truth Social that the publicly disclosed terms did not reflect what was actually negotiated, urging Iranian leadership to “get their act together.”

Three Confirmation Metrics for Market Bottom

Kendrick outlined three specific indicators he’s monitoring to validate the market floor thesis.

First, he anticipates Strategy, under Michael Saylor’s leadership, will reveal another Bitcoin acquisition on the upcoming Monday.

Second, he seeks sustained net-positive daily flows returning to U.S.-listed spot Bitcoin ETFs.

Third, he’s observing whether crude oil pricing maintains its downward trajectory.

Kendrick maintains his year-end projections: Bitcoin reaching $100,000 and Ethereum hitting $4,000. He additionally forecasts Ethereum will deliver superior returns compared to Bitcoin over the coming months.

For investors who established positions near the $59,000 bottom, achieving Kendrick’s $100,000 year-end projection would yield approximately 70% returns.

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