Standard Chartered said bitcoin has already passed this cycle’s low and that the cryptocurrency market has entered a rebound phase.

Decrypto, a blockchain outlet, reported on June 15 that Jeff Kendrick (제프 켄드릭), Standard Chartered’s head of digital asset research, views bitcoin’s drop to about $59,000 earlier this month as this cycle’s low.

Kendrick said, "Winter is over. Welcome back to crypto spring." He also kept his year-end bitcoin target at $100,000. That is about 70 percent above the current price.

Three factors that have weighed on prices in recent weeks are easing at the same time, the report said. SpaceX’s initial public offering had been a factor draining liquidity, but its impact could fade as the listing is completed. SpaceX shares, SPCX, rose 19 percent on their first day of trading on June 13. Observers also said selling pressure linked to exchange-traded funds could ease as competition for allocations ends.

Developments in the Middle East were also cited as a variable. U.S. President Donald Trump declared on the evening of June 12 that the war with Iran had ended. Ahead of a Group of Seven summit, an atmosphere formed that a peace agreement between the United States and Iran was near. Oil prices fell to $81 a barrel, the lowest effective level since early March.

Capital flows also shifted. Spot bitcoin ETFs saw about $5 billion leave since mid-May, extending the strongest selling stretch since their launch, but they turned to a net inflow of $86 million on June 13. That was the largest inflow in a month.

On the same day, spot ethereum ETFs recorded net outflows of $5 million. Commenting on the trend, Kendrick said, "A bottom has already formed, and current prices will be seen as the buying zone everyone wanted."

Markets reacted over the weekend. Bitcoin rose 4.72 percent on the week to rebound to around $66,500, while ethereum gained 7 percent to $1,780 and solana climbed 10 percent to $73. Among altcoins, zcash rose 28 percent, worldcoin gained 23 percent and near added 18 percent.

Individual catalysts also continued. Zcash advanced after it said it conducted an audit using Anthropic’s Mythos and found no additional vulnerabilities. The audit found no other issues besides a vulnerability identified about a week earlier.

Aerodrome rose 15 percent after introducing a "predictive allocation" upgrade. The feature rewards liquidity providers who correctly anticipate where liquidity will be needed, instead of following pools where fees have already concentrated.

Still, it is too early to conclude that rebound signals have immediately solidified into a trend shift. It remains to be seen how much liquidity impact from the SpaceX listing actually remains, and peace talks involving Iran still carry uncertainty. ETF flows are also an area with high short-term volatility.

Even so, the fact that liquidity, geopolitics and ETF outflows that drove the recent decline are starting to ease at the same time is drawing attention. With bitcoin recovering the $65,000 level and major altcoins posting rebounds of 10 to 20 percent, whether risk appetite is returning has emerged as a short-term focus.