Geoff Kendrick, head of digital asset research at Standard Chartered, believes that following the recent sharp pullback in Bitcoin, the market may have largely passed its bottom. According to
Geoff Kendrick, head of digital asset research at Standard Chartered, believes that following the recent sharp pullback in Bitcoin, the market may have largely passed its bottom.
According to Kendrick’s assessment, Bitcoin’s decline to around $59,000 marks the weakest point in the cryptocurrency market in recent times. Recalling that the leading cryptocurrency has lost over 50% of its value since reaching its record high of $126,000 approximately eight months ago, Kendrick argued that the current situation indicates that the selling pressure is nearing its end.
Kendrick noted that the market needs some key developments to recover, particularly highlighting that positive news from the geopolitical front could have a supportive effect on crypto assets. He suggested that a potential peace process between the US and Iran could ease pressure on oil prices and revive interest in risky assets.
In addition, SpaceX’s upcoming IPO is seen as a significant catalyst for the markets. According to Kendrick, a sustained recovery in the cryptocurrency market will depend on a continued downward trend in oil prices, a renewed surge in strong capital inflows into spot Bitcoin ETFs, and continued Bitcoin purchases by large institutional players like Strategy.
Kendrick believes that if all these factors combine, the weak outlook of the crypto market in recent months could give way to a recovery process.
Continue Reading: Standard Chartered’s Bitcoin Commentary: “The Crypto Winter Is Over, We May Have Hit Bottom”
