Bitcoin has reached a low of $59,000, indicating the conclusion of the recent crypto winter, as per Standard Chartered’s senior market analyst, Geoffrey Kendrick. He noted that the anticipated SpaceX IPO and a possible peace agreement between the U.S. and Iran are the key factors contributing to the end of the crypto selloff. Kendrick believes that Bitcoin has established its cycle low at around $59,000, which marks the end of the latest downturn in the cryptocurrency market. He pointed out that the significant selling pressure of spot Bitcoin ETFs, partially driven by the need to raise cash for SpaceX’s IPO, is expected to diminish now that the listing has commenced. Furthermore, he suggested that a potential peace deal between the U.S. and Iran that could stabilize oil prices, combined with renewed Bitcoin purchases by corporate treasuries and positive ETF inflows, would affirm a sustainable market bottom and bolster his prediction that Ether will outperform Bitcoin. Kendrick stated in a note on Friday that the cryptocurrency market has reached its definitive bottom for this cycle. The cycle low is now confirmed at $59,000 for Bitcoin, reflecting a 53% decrease from its all-time high of $126,000 on October 6. «The winter is over. Welcome back to crypto Spring,» he remarked. According to Decryptnews data, Bitcoin dipped to as low as $59,375 on June 5 in the evening, around 18:00 UTC, and at the time of writing, Bitcoin was trading just below $64,000. Kendrick, who has set a target of $4,000 for Ether and $100,000 for Bitcoin by the end of the year, identified two main drivers on Friday that support this market recovery. Firstly, recent weeks have seen some of the most substantial selling of spot Bitcoin ETFs since their inception, with total redemptions exceeding $5.72 billion since the second week of May. He also observed that ETF holders have reportedly been liquidating their positions to free up cash for participation in the SpaceX IPO. Elon Musk’s SpaceX shares began trading on Nasdaq at approximately $150 on Friday and are currently about 26% above their IPO price. The strong market demand is already evident on digital asset exchanges like Hyperliquid, where SpaceX’s crypto contracts have recently traded with significant volume and a valuation of up to 2.4 trillion. Kendrick noted that the launch of the SpaceX IPO this Friday could alleviate that specific selling pressure. Secondly, a potential peace agreement between the U.S. and Iran, if confirmed, could prevent oil prices from rising further. Lower oil prices would subsequently mitigate the increasing U.S. Treasury yields, alleviating macroeconomic pressures on crypto markets. To ensure that the market floor is secure, Kendrick is monitoring three specific indicators in the coming days. He is awaiting an announcement on Monday indicating that Michael Saylor’s Strategy (MSTR) acquired more Bitcoin this week. He is also looking for a return to net-positive daily inflows for U.S. spot Bitcoin ETFs this Friday, as international oil prices continue to decline. The price of Brent crude has fallen to approximately $87 a barrel, while West Texas Intermediate crude is around $85 a barrel as U.S. President Donald Trump discussed a likely peace deal with Iran. However, he later reversed his stance in a post on Truth Social, stating that the deal made public was not what had been agreed upon and warning Iranian officials to quickly «get their act together.»