Standard Chartered’s head of digital research, Geoff Kendrick, announced on Friday that the crypto market has seen its decline, with Bitcoin’s recent drop to around $59,000 marking its latest low – a 53% drop since October. always high and $126,000.
“Winter is over. Welcome back to crypto spring,” Kendrick wrote in a tweet on Friday, adding, “I think we’ve now seen a drop in crypto asset prices on trend.”
Bitcoin had recovered to around $64,000 at the time Kendrick posted, representing a 5% gain over the past week. The bank maintains a $100,000 price for Bitcoin at the end of the year – a demonstration that was first released in February.
SpaceX IPO removes crypto liquidity – then frees it up
One of the two things Kendrick mentioned is Elon Musk’s Nasdaq history. Images of SpaceXwhich bought its $75 billion IPO at $135 per share under the ticker SPCX on June 12.
Shares opened higher than their IPO price, a gain approximately 20% on the first day. Kendrick said that a large part of the recent Bitcoin ETF outflows – totaling more than $5.72 billion since the second week of May, among the sharpest “since the beginning” – was driven by investors liquidating the crypto space security distribution SpaceX. With the IPO now live, the real pressure to sell could increase, he said.
The merger between crypto and SpaceX demand was already happening in real time. On Hyperliquid, SpaceX (SPCX) perpetual contracts gained more than $240 million in visible interest and $220 million in pre-24-hour volume — placing it as the eighth-largest asset on the platform.
Iran is a military force
The second contribution concerns geopolitics. A possible peace deal in the middle The US and Iran, which are about to take place at next week’s G7, could ease the global pressure on oil that has been tight since the Middle East’s weapons began.
Lower oil prices would have cooled US Treasury yields – which have been risk-weighted like crypto by making risk-free government debt attractive.
West Texas Intermediate crude fell approximately 1.5% on Friday to around $85–$86 per barrel. However, the issue of the peace agreement remained fragile.
President Trump said on Thursday that breakthroughs could come this week, but later posted on Truth Social that the deal that was revealed was not what was agreed upon, warning Iranian officials to “get it together” – adding uncertainty to the broader proposal.
Three bitcoin price signals to watch
Kendrick outlined three factors that would justify his call. First, he is looking for Strategy to announce some Bitcoin purchases on Monday, as CEO Michael Saylor’s purchase history has been a reliable sign of the desire of institutions.
Second, they expect US Bitcoin ETFs to return to positive daily highs on Friday.
Third, they want to see a drop in global oil prices as the situation in Iran changes.
If all three happen, Kendrick’s theory of the crypto spring will get its clear confirmation – meaning that institutions and major groups are joining forces to push Bitcoin back to the bank’s target of $100,000.
