TLDR
- Geoffrey Kendrick from Standard Chartered identifies Bitcoin’s cycle bottom at $59,000 reached on June 5
- Crypto ETF redemptions totaling $5.72 billion since mid-May linked to investor repositioning for the SpaceX IPO
- SpaceX’s Nasdaq debut at $150 per share, now up roughly 26%, may signal the end of crypto liquidations
- Diplomatic progress between U.S. and Iran, coupled with declining oil prices, creating favorable macro conditions
- Year-end forecasts remain intact: $100,000 for Bitcoin and $4,000 for Ethereum
On June 5, 2026, Bitcoin declined to $59,375, based on CoinDesk market data. Geoffrey Kendrick, an analyst at Standard Chartered, has declared this price point as the conclusive cycle bottom.
“Winter is over. Welcome back to crypto Spring,” Kendrick stated in his Friday research note.
Currently, Bitcoin is changing hands just under $64,000, showing signs of recovery from its recent trough.
From Bitcoin’s record peak of $126,000 achieved on October 6, the descent to $59,000 represents a 53% correction.
SpaceX IPO Created Crypto Liquidation Wave
Kendrick attributes a significant portion of the recent downturn to the SpaceX public offering. Market participants allegedly liquidated Bitcoin ETF positions to secure capital for the high-profile IPO.
American spot Bitcoin ETFs experienced combined net withdrawals of $5.72 billion beginning in the second week of May. This outflow magnitude ranked among the most severe since these investment vehicles launched.
Trading commenced for SpaceX shares on Nasdaq Friday around $150. The stock currently trades approximately 26% higher than its initial offering price. Kendrick anticipates this IPO-related selling pressure has now concluded.
Crypto exchange Hyperliquid showed SpaceX contracts trading with substantial volume, reflecting a valuation approaching $2.4 trillion.
Geopolitical Developments and Energy Markets Fuel Optimism
Another supportive factor highlighted by Kendrick involves potential diplomatic resolution between the United States and Iran, topics addressed during G7 discussions. Such an agreement could prevent additional oil price increases.
Declining oil prices would alleviate upward pressure on U.S. Treasury yields. Falling yields typically create favorable conditions for risk assets like Bitcoin.
Brent crude dropped to approximately $87 per barrel, with West Texas Intermediate hovering near $85, following President Trump’s comments regarding a probable peace agreement. Trump subsequently clarified on Truth Social that the publicly disclosed deal differed from what was actually negotiated, urging Iranian leadership to “get their act together.”
Three Key Indicators for Market Bottom Confirmation
Kendrick outlined three developments he’s monitoring to validate the market bottom thesis.
Initially, he anticipates Strategy, under Michael Saylor’s leadership, will reveal a fresh Bitcoin acquisition this Monday.
Additionally, he’s watching for the resumption of positive daily flows into American spot Bitcoin ETFs.
Finally, he’s observing whether oil prices maintain their downward trajectory.
Kendrick maintains his year-end projections: $100,000 for Bitcoin and $4,000 for Ethereum. He anticipates Ethereum will outperform Bitcoin during the upcoming period.
Investors who accumulated Bitcoin around the $59,000 bottom could realize approximately 70% returns if Kendrick’s $100,000 year-end forecast materializes.
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