BlockBeats News, June 13th, Standard Chartered Bank analyst Geoffrey Kendrick stated in a Friday report that the low point of this Bitcoin cycle may have already formed around $59,000, signaling the end of the current crypto market downturn phase. Kendrick said that the BTC cycle low has been locked in around $59,000, a 53% drop from the historical high of $126,000 on October 6. He stated, "Winter is over, welcome back to the crypto spring." Data shows that BTC hit a low of $59,375 on June 5 and is currently trading near $64,000. Kendrick expects Ethereum to reach $4,000 and Bitcoin to reach $100,000 by the end of this year.

Kendrick believes that two main factors are driving this market turn. First, one of the most intense selling pressures since the listing of the U.S. spot Bitcoin ETF in recent weeks, with a cumulative redemption of over $5.72 billion since the second week of May. He stated that some ETF holders are said to be clearing positions to free up cash to participate in the SpaceX IPO, and the SpaceX listing may signal the end of this particular selling pressure.

Second, if the peace agreement around the G7 between the U.S. and Iran is confirmed, it may help prevent further oil price increases. Kendrick believes that a fall in oil prices will further ease the upward pressure on U.S. Treasury yields, thereby relieving macro pressures on the crypto market. Kendrick said that the next steps will focus on three indicators to confirm whether the market bottom is stable: Whether Michael Saylor's Strategy under his company will announce continued BTC purchases next Monday; Whether the U.S. spot Bitcoin ETF will resume net inflows on Friday; And whether international oil prices continue to decline.