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

Bitcoin might be seeing the end of a significant sell-off, according to Geoffrey Kendrick, head of digital asset research at Standard Chartered. This pullback, he argues, is the third major correction of about 30% since the introduction of spot Bitcoin ETFs in the U.S. The price recently fell below $90,000, marking a near 30% decline from its all-time high above $126,000 recorded in early October. Kendrick notes that key market indicators suggest seller exhaustion, particularly referencing the modified net asset value (mNAV) of MicroStrategy, which has reached parity at 1.0. He believes this could signal the end of the sell-off and anticipates a year-end rally. Similar sentiments were echoed by analysts from crypto exchange Bitfinex, who observed slow-downs in realized losses among short-term holders, indicating typical market bottom signals. On the day the article was written, Bitcoin's price bounced back to nearly $93,000, showing signs of recovery.

Source 🔗