On Friday, Geoffrey Kendrick, a senior analyst at Standard Chartered stated that the so-called “crypto winter” is now over, with Bitcoin (BTC) bottom in at $59,000. The executive cited the SpaceX IPO and a potential resolution to the U.S. and Iran conflict in the Middle East as major factors that could end the bearish trend seen in crypto markets.
Is the crypto winter over with Bitcoin bottom?
Bitcoin hit this year’s lowest price at around $59,375 on June 6 during a crypto market rout that saw BTC contract liquidations worth more than a billion dollars within a span of 24 hours. Since then, the top digital asset is up by about 6 percent.
In a note released Friday, Kendrick said the 53 percent pullback from BTC’s all-time high from October 2025 was most likely BTC’s bottom. “Winter is over. Welcome back to crypto spring,” he said.
It’s worth highlighting that Kendrick has already forecasted BTC to exchange hands around the $100,000 price level by the end of the year. Among the factors that confirm the BTC bottom, one is the recent high sell-off seen in Bitcoin exchange-traded funds (ETFs).
Since their launch in January 2024, Bitcoin ETFs have proved to be a moderately successful financial product, currently chasing the $2 trillion cumulative trading volume milestone. However, since the second week of May 2026, total redemptions have surged past $5.72 billion.
According to Kendrick, BTC ETF owners have been liquidating their holdings to free up tied cash and participate in the highly-anticipated SpaceX IPO. The historic IPO also made the company’s founder, Elon Musk, the world’s first trillionaire.
Further, a potential deal between the U.S. and Iran at the upcoming G7 meeting is expected to simmer down oil prices. Lower oil prices are likely to exert downward pressure on rising U.S. yields, helping risk-on assets like cryptocurrencies.
Not all pundits are aligned
Meanwhile, Galaxy Digital’s Head of Research, Alex Thorn, shared a contrasting viewpoint.
In an X post published Friday, Thorn shared 3 possible BTC bottom ranges, with the highest price point being $54,000 under the “shallow bottom” scenario. Interestingly, if BTC follows the “harsh washout” scenario, then its bottoming range could be between $30,000 to $37,000.
On-chain data supports Thorn’s bearish tilt. Despite the overwhelming number of oversold signals, BTC is yet to show any concrete evidence of bottom formation.
