British bank Standard Chartered (LON: STAN) says the cryptocurrency market has likely bottomed. 

Geoffrey Kendrick, the bank’s global head of digital assets research, says that Bitcoin’s recent drop to of $59,000 U.S. was the cycle low point for the largest cryptocurrency.

Kendrick notes that Bitcoin fell 53% from a peak of $126,000 U.S. reached last October and is unlikely to fall below $60,000 U.S. again.

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The analyst points to two potential catalysts for Bitcoin that could lead to a turning point. The first is a U.S.-Iran peace deal that could remove much geopolitical uncertainty. 

The second is the SpaceX initial public offering (IPO) that may end a period of heavy selling by Bitcoin…