Key Highlights
- Geoffrey Kendrick from Standard Chartered identifies June 5’s $59,000 level as Bitcoin’s definitive cycle bottom
- Bitcoin ETF redemptions totaling $5.72 billion since mid-May were influenced by investors reallocating capital for SpaceX’s public debut
- SpaceX launched on Nasdaq at $150 per share and has since climbed approximately 26%, potentially eliminating further crypto liquidation pressure
- Emerging U.S.-Iran diplomatic progress and declining crude oil valuations are reducing macroeconomic headwinds for digital assets
- The analyst reaffirms year-end projections of $100,000 for Bitcoin and $4,000 for Ethereum
Data from CoinDesk shows Bitcoin reached $59,375 on June 5, 2026. Geoffrey Kendrick, a prominent analyst at Standard Chartered, has identified this specific price point as the conclusive floor for the ongoing market cycle.
“Winter is over. Welcome back to crypto Spring,” Kendrick declared in his research note released Friday.
As of current market activity, Bitcoin is exchanging hands slightly under $64,000, demonstrating a notable rebound from its recent trough.
The cryptocurrency’s descent from its peak of $126,000 achieved on October 6 to the $59,000 floor constitutes a 53% correction.
SpaceX Public Offering Triggered Digital Asset Liquidation
Kendrick attributes a significant portion of the recent market downturn to the SpaceX public offering. Market participants allegedly liquidated their Bitcoin ETF positions to secure liquidity for participation in the highly anticipated IPO.
Spot Bitcoin ETFs in the United States recorded aggregate net withdrawals reaching $5.72 billion beginning in mid-May’s second week. This magnitude of outflows ranks among the most substantial since these investment vehicles commenced operations.
SpaceX equity commenced Nasdaq trading Friday around the $150 mark. Current valuations show the stock trading roughly 26% higher than its initial offering price. Kendrick suggests this IPO conclusion may eliminate that particular source of selling pressure.
On the Hyperliquid decentralized exchange, SpaceX derivative contracts experienced elevated trading activity, with implied valuations approaching $2.4 trillion.
Crude Oil Dynamics and Diplomatic Developments Fuel Comeback
The secondary catalyst Kendrick highlighted involves possible U.S.-Iran diplomatic resolution discussions occurring at the G7 summit. Should this materialize, it might prevent additional upward pressure on petroleum prices.
Decreasing oil valuations would alleviate stress on U.S. Treasury yields. During periods of yield compression, risk-oriented assets such as Bitcoin typically experience favorable conditions.
Brent crude declined to approximately $87 per barrel, with West Texas Intermediate hovering near $85, following President Trump’s comments regarding probable peace arrangements. Trump subsequently clarified via Truth Social that publicly disclosed terms differed from actual agreements, cautioning Iranian leadership to “get their act together.”
Three Confirmation Indicators Under Surveillance
Kendrick outlined three specific markers he’s monitoring to validate the market foundation.
Initially, he anticipates Strategy, under Michael Saylor’s leadership, will reveal an additional Bitcoin acquisition announcement Monday.
Subsequently, he’s watching for the restoration of net-positive daily capital flows into U.S. spot Bitcoin ETFs.
Finally, he’s observing whether petroleum prices maintain their downward trajectory.
Kendrick maintains his original year-end forecasts: $100,000 for Bitcoin and $4,000 for Ethereum. He additionally anticipates Ethereum will deliver superior performance relative to Bitcoin during the immediate period ahead.
For investors who accumulated Bitcoin near the $59,000 bottom, Kendrick’s $100,000 projection implies potential returns approaching 70% before year’s conclusion.
