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Bitcoin hit bottom at $59,000 marking end to the crypto winter, says Standard Chartered analyst
Key takeaways
- The cycle low is now locked in at $59,000 for bitcoin, a 53% drop from its Oct. 6 all-time high of $126,000, according to Kendrick.
- CoinDesk data shows bitcoin touched as low as $59,375 on June 5 in the evening, around 18:00 UTC.
- Kendrick, who has $4,000 ether and a $100,000 bitcoin price target by the end of this year, identified two core drivers on Friday that support this market turnaround.
The cycle low is now locked in at $59,000 for bitcoin, a 53% drop from its Oct. 6 all-time high of $126,000, according to Kendrick.
"Winter is over. Welcome back to crypto Spring, he said.
CoinDesk data shows bitcoin touched as low as $59,375 on June 5 in the evening, around 18:00 UTC. At the time of writing, bitcoin hovered just shy of $64,000.
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