Standard Chartered Global Head of Digital Assets Research Geoff Kendrick called the crypto bottom Friday, saying Bitcoin's (CRYPTO: BTC) drop to $59,000 marked the lowest point of this cycle and that crypto winter is over.
Why Kendrick Thinks $59,000 Was The Low Kendrick's call rests on three converging catalysts arriving simultaneously Friday.
Oil prices fell 1.5% to $86 per barrel as Trump announced a potential US-Iran peace deal could come this weekend ahead of the G7 summit.
SpaceX's (NASDAQ:SPCX) $75 billion IPO launched, which Kendrick argued pulled capital out of Bitcoin ETFs as investors sold to free up cash for the offering rather than exiting crypto on fundamental concerns.
"I think we have now seen the low in crypto asset prices," Kendrick wrote in a Friday note.
