Standard Chartered Analyst: Bitcoin Sell-Off Nearing End, Year-End Rally in Sight
Bitcoin’s steep decline may be close to over, according to Geoffrey Kendrick, head of digital asset research at Standard Chartered. He says the pullback follows a familiar pattern and is showing signs of exhaustion.
Bitcoin BTC$84,537.42 fell below $90,000 on Tuesday, extending a roughly 30% drop from its October all-time high above $126,000. This marks the deepest pullback since U.S. spot bitcoin ETFs launched last year, sparking debate over whether the cryptocurrency is entering a typical four-year cycle bear phase.
Kendrick described the sell-off as “a fast, painful version of the third decline over the past few years, nearly identical in magnitude.” Key metrics, including MicroStrategy’s modified net asset value (mNAV), have reset to historically bottom-like levels, while other indicators have collapsed to near zero—signaling capitulation and seller exhaustion.
“A rally into year-end is my base case,” Kendrick said. His view aligns with Bitfinex analysts, who note slowing realized losses among short-term holders and emerging on-chain capitulation signals, both markers of a market bottom.
Bitcoin bounced to just under $93,000 on Tuesday, up 3.8% from overnight lows.
