Standard Chartered believes the cryptocurrency market has already reached the low point of its current cycle, with Bitcoin (COIN:BTCUSD) recently touching $59,000 after falling 53% from its record high of $126,000.

Geoffrey Kendrick, the bank’s Global Head of Digital Assets Research, identified two developments that could help confirm a broader recovery is underway.

Peace Prospects and SpaceX IPO Seen as Key Catalysts

In a research note published Friday, Kendrick said a potential U.S.-Iran peace agreement linked to discussions at the G7 summit could ease pressure on financial markets.

If an agreement is reached, it “may sound the end to higher oil prices and…