Bitcoin (BTC) Price News: Sell-Off Likely 'Complete', Year-End Rally in Play, Analyst Says

Geoffrey Kendrick, head of digital asset research at Standard Chartered, suggests that Bitcoin's recent sharp decline, which saw BTC drop below $90,000 from an all-time high above $126,000, is following a recurring pattern and is nearing exhaustion. Kendrick views the pullback as a fast version of the third major drawdown in the past couple of years, noting that key sentiment and valuation metrics, such as MicroStrategy's (MSTR) modified net asset value (mNAV) dropping to parity (1.0), have reset to levels historically associated with market bottoms, signaling seller capitulation. Consequently, Kendrick's base case scenario anticipates a rally for Bitcoin into the end of the year. This outlook aligns with commentary from Bitfinex analysts who observed slowing realized losses for short-term holders and emerging on-chain capitulation signals.

(Source：CoinDesk)