Bitcoin has hit the cycle bottom at $59,000, says Standard Chartered.

Bitcoin has already hit the bottom of the current cycle at $59,000, according to Standard Chartered analyst Geoffrey Kendrick, reports CoinDesk.

Kendrick attributes the recent correction to a mix of macroeconomic uncertainty, reduced risk appetite, and capital outflows from cryptocurrency investment products. However, he believes most negative factors have already been priced in by the market.

Crypto Winter May Be Over

Kendrick…