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

Geoffrey Kendrick from Standard Chartered suggests that Bitcoin's recent sell-off might be nearing its end, calling it the third major correction since the U.S. introduced spot Bitcoin ETFs last year. The price has dropped nearly 30% from its peak of over $126,000 in October, raising concerns of a potential bear market phase. Kendrick argues that this decline follows a familiar pattern, indicating possible seller exhaustion. He points to key metrics, such as MicroStrategy's adjusted net asset value, which have fallen to levels typically associated with market bottoms. This suggests that the sell-off may be over and a year-end rally is likely. Bitcoin's price recently bounced back to around $93,000, marking a 3.8% increase from its lows. Analysts from Bitfinex also support this view, noting that the rate of realized losses among short-term holders is declining, a sign that may indicate a market bottom is forming.

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