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

Bitcoin's recent sell-off, which has seen nearly a 30% drop from its all-time high above $126,000, may be reaching its conclusion, according to Geoffrey Kendrick, head of digital asset research at Standard Chartered. Kendrick views this decline as part of a recurring pattern linked to the launch of spot bitcoin ETFs in the U.S. He notes that key market indicators, such as MicroStrategy’s modified net asset value, have dwindled to zero, indicating seller exhaustion. Kendrick posits a year-end rally is likely, echoing sentiments from analysts at crypto exchange Bitfinex who suggest emerging market bottom indicators. Recently, Bitcoin rebounded to just under $93,000, reflecting a 3.8% increase from overnight lows. Kendrick's outlook emphasizes that this sell-off has reset sentiment and valuation metrics typically seen at market bottoms, reinforcing his bullish perspective moving forward.

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