Bitcoin has rebounded to around $63,000 following a drop below $60,000 earlier this week. A Standard Chartered analyst has declared the market bottom at $59,000, citing easing ETF selling pressure and potential catalysts including the SpaceX IPO and a possible US-Iran deal.
The cryptocurrency touched a low of $59,375 on June 5 before climbing back. It traded near $63,550 on Friday, up 1.6 percent on the day, according to CoinDesk data.
Standard Chartered senior market analyst Geoffrey Kendrick said in a note that Bitcoin had set its cycle low at about $59,000. "Winter is over. Welcome back to crypto Spring," he said.
Kendrick pointed to heavy spot Bitcoin ETF outflows exceeding $5.72 billion since the second week of May. He linked some selling to investors freeing cash for the SpaceX IPO, which began trading on Nasdaq at around $150 on Friday.
He also cited a potential US-Iran peace deal that could lower oil prices and ease macro pressure. Kendrick is watching for net-positive ETF inflows and renewed corporate treasury buying to confirm the floor.
