On June 13, Geoffrey Kendrick, analyst at Standard Chartered, stated in a Friday report that Bitcoin’s cycle low may have formed around $59,000, marking the end of this downturn in the crypto market. Kendrick noted BTC’s cycle floor sits near $59,000, a 53% drop from its all-time high of $126,000 set on October 6. He commented: “The winter is over, welcome back to crypto spring.” Data shows BTC hit a bottom of $59,375 on June 5 and is now trading close to $64,000. Kendrick forecasts Ethereum will reach $4,000 and Bitcoin will hit $100,000 by the end of this year.