Standard Chartered believes the worst of the current cryptocurrency downturn may already be over, arguing that Bitcoin (COIN:BTCUSD) established its cycle low when it briefly fell to $59,000, representing a 53% drop from its $126,000 peak.

According to Geoffrey Kendrick, the bank’s Global Head of Digital Assets Research, several near-term developments could help validate the view that the market is beginning a new recovery phase.

U.S.-Iran Developments and SpaceX Debut Could Shift Sentiment

Writing on Friday, Kendrick highlighted a potential peace agreement between the United States and Iran as one of the most important macroeconomic factors for crypto markets.

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