Bitcoin Price News: Sell-Off Likely 'Complete', Year-End Rally in Play
Recent analysis by Standard Chartered's Geoffrey Kendrick suggests that Bitcoin's recent sell-off may be nearing its end, marking the third major correction of approximately 30% since the introduction of spot Bitcoin ETFs in the U.S. Following a decline below $90,000, 30% has been erased from Bitcoin’s all-time high of over $126,000. Kendrick believes this decline aligns with historical patterns, indicating that the market may be experiencing seller exhaustion. Notably, key sentiment and valuation metrics, such as MicroStrategy's modified net asset value, have plummeted to zero, providing signs of market capitulation. Kendrick posits a year-end rally based on these indicators, echoing sentiments from analysts at Bitfinex who have observed slowing short-term holder losses and on-chain capitulation signals that typically denote a market bottom. Bitcoin recently rebounded to approximately $93,000, reflecting an uptick of 3.8% from overnight lows, reinforcing the optimistic outlook for the upcoming weeks.
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