Bitcoin cycle bottom don reach: Scotiabank see BTC go recover, $100k by end of year
Scotiabank analyst Geoffrey Kendrick tok say di crypto market don probably reach di final bottom for dis cycle. E peg Bitcoin (BTC) cycle low round $59,000, wey mean e don drop 53% from di $126,000 peak on Oct 6. Kendrick dey expect say BTC go reach $100,000 by end of year and e forecast Ethereum (ETH) at $4,000.
E mention two main catalysts wey fit bring rebound. First, spot Bitcoin ETFs reportedly face di sharpest selling pressure since dem launch am. From second week of May, total ETF redemptions don pass $5.72B. Kendrick add say ETF holders fit bin dey liquidate positions to free capital for SpaceX IPO. E believe say di timing of SpaceX IPO fit reduce dis selling pressure.
Second, if true say G7-related peace agreement wey involve Iran and Israel happen, e fit help stop oil price from skyrocketing. Lower oil fit ease rising U.S. Treasury yields, weh go reduce macro headwinds for crypto.
To confirm if di bottom strong, Kendrick go watch near-term signals: if Strategy (MSTR) go increase e Bitcoin holdings on Monday, and if spot Bitcoin ETFs go return to net inflows on Friday.
For traders, di main takeaway na say BTC downside momentum fit dey near exhaustion, with ETF flows and macro rates/oil as di main short-term triggers.
Bullish
Di note dey small-bullish because e dey present Bitcoin as say e don already reach bottom, with clear road to higher price target ($100k by year-end) wey depend on near-term catalysts. The two practical trading levers na (1) spot Bitcoin ETF flow stabilization — heavy redemptions now ($5.72B+ since early May) dem dey treat as likely “event-driven” (funds fit shift go SpaceX IPO), and (2) macro relief — if oil and so Treasury yields cool down, risk appetite normally improve for BTC.
Historically, similar “capitulation then flow reversal” setups dey often give a tradable bounce, especially when large ETF outflow regimes begin to shift back to net inflows. But e still conditional: the forecast dey hinge on whether ETF net flows go positive on Friday and whether corporate buyers (MSTR) go continue to add. If ETF outflows persist or macro yields rise again, the “bottom” thesis fit fail, turning the move into range-bound or pullback. Net: supportive for BTC/ETH sentiment short term, but traders suppose confirm with ETF flow data and rates/oil direction.