Bitcoin Hits Bottom at $59,000 as Crypto Winter Ends, Standard Chartered Analyst Says
June 12, 2026 — Bitcoin has likely reached its cycle bottom at approximately $59,000, marking the conclusion of the latest cryptocurrency downturn, according to Standard Chartered senior market analyst Geoffrey Kendrick. The analyst identified two key catalysts driving the market turnaround: the SpaceX IPO and a potential U.S.-Iran peace deal.
Immediate Details & Direct Quotes
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Bitcoin touched as low as $59,375 on June 5, representing a 53% decline from its October 6 all-time high of $126,000. As of writing, Bitcoin trades near $64,000.
“Winter is over. Welcome back to crypto Spring,” Kendrick said in a Friday note. The analyst maintains year-end price targets of $100,000 for Bitcoin and $4,000 for Ethereum.
The recent selloff was largely driven by heavy spot Bitcoin ETF redemptions, which exceeded $5.72 billion since the second week of May. Kendrick noted that ETF holders have been liquidating positions to free up cash for the SpaceX IPO.
SpaceX shares began trading on Nasdaq at around $150 Friday and are now approximately 26% above their IPO price. The demand has appeared on digital asset exchanges like Hyperliquid, where SpaceX’s crypto contracts traded with high volume and valuations up to $2.4 trillion.
Market Context & Reaction
The SpaceX IPO launch this Friday may end the specific selling pressure that weighed on Bitcoin markets, Kendrick explained.
A second catalyst involves a potential G7-related peace deal between the U.S. and Iran, which could cap oil prices. Lower oil prices would cool rising U.S. Treasury yields, easing macro pressure on crypto markets. Brent crude fell to about $87 per barrel, while West Texas Intermediate traded around $85 per barrel as President Donald Trump spoke of a likely deal.
However, Trump later reversed course on Truth Social, stating the deal made public was not what had been agreed and warning Tehran’s officials to “get their act together.”
To confirm a durable market floor, Kendrick is monitoring three metrics: an announcement Monday showing Michael Saylor’s Strategy (MSTR) purchased more Bitcoin this week, a return to net-positive daily inflows for U.S. spot Bitcoin ETFs this Friday, and continued declines in international oil prices.
Background & Historical Context
The crypto downturn began after Bitcoin reached its $126,000 all-time high in October 2025, followed by a sustained period of selling pressure. The $59,000 price point represents a correction of over 50% from peak to trough.
Spot Bitcoin ETF outflows accelerated in recent weeks, with total redemptions surpassing $5.7 billion since mid-May. Kendrick characterized this selling as partly tactical—investors liquidating crypto positions to participate in what became one of the year’s most anticipated public offerings.
The SpaceX listing marks a milestone for corporate crypto exposure, as Elon Musk’s company has been closely associated with digital assets through Tesla’s previous Bitcoin holdings and Musk’s public commentary on cryptocurrencies.
What This Means
Kendrick expects Ethereum to outperform Bitcoin in the coming months, supported by renewed corporate treasury buying and positive ETF inflows. The analyst’s $100,000 Bitcoin target suggests significant upside from current levels.
For investors, the key signals to watch include:
– Strategy’s weekly Bitcoin purchases, which would indicate continued corporate adoption
– A sustained return to positive ETF inflows, signaling institutional confidence
– Geopolitical developments affecting oil prices and macro conditions
If these confirmation signals materialize, the $59,000 level could represent a generational buying opportunity. However, investors should conduct their own research and consider market risks, including potential regulatory changes and macroeconomic headwinds.
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