Standard Chartered says bitcoin sell-off likely over, eyes year-end rally

Geoffrey Kendrick, Standard Chartered’s head of digital assets research, suggests that Bitcoin's recent correction has likely concluded, drawing parallels between the current drawdown and similar magnitude sell-offs over the past two years. Kendrick noted that market indicators, such as MicroStrategy’s mNAV falling to 1.0, have reset to extreme levels, signaling a market bottom and suggesting the halving cycle thesis may be disproven. He maintains a base case expectation for a rally into the year-end, despite Bitcoin recently falling below $90,000. Other analysts noted that thin market depth has made prices highly sensitive to selling, though a rebound or a dip toward the mid-$80,000s is possible based on options data. Kendrick previously projected Bitcoin would hit $200,000 by year-end, though he declined to comment on that specific target when asked recently.

(Source：The Block)