Standard Chartered Analyst: Bitcoin Bottomed Out, Expected to Return to $100,000 by Year End

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According to Coindesk, Geoffrey Kendrick, analyst at Standard Chartered, said in a Friday report that the cryptocurrency market has reached the final bottom of the current monetary cycle. Bitcoin's cycle low is now locked at $59,000, down 53% from the all-time high of $126,000 reached on October 6. Kendrick expects Bitcoin to reach $100,000 and Ethereum to reach $4,000 by year end. He attributed the recovery support to recent spot Bitcoin ETF outflows exceeding $5.72 billion since mid-May, with the upcoming SpaceX IPO potentially ending current selling pressure.
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