Standard Chartered Declares Bitcoin Sell-Off Over, Eyes Year-End Rally

Core Viewpoint - Standard Chartered believes that the recent slump in Bitcoin's market is over, comparing it to previous market corrections in the past couple of years [2][4]. Market Performance - Bitcoin experienced a significant decline, falling below $90,000 for the first time in seven months, which is nearly 30% below its record price of $126,000 reached last month [3][5]. - In previous corrections, Bitcoin fell approximately 30% before rebounding by 124% and 69% from the lows [3]. Analyst Insights - Geoffrey Kendrick from Standard Chartered noted that the drop in Bitcoin's market metrics, such as the multiple to net asset value of Bitcoin treasury company Strategy (NASDAQ:MSTR), indicates that the sell-off is over, with the company's mNAV recently at 0.984 [4]. - Other analysts, including Tom Lee from Bitmine and Matt Hougan from Bitwise, also suggest that the market sell-off is showing signs of exhaustion and that a bottom may be near [4]. - Conversely, Arthur Hayes from Maelstrom predicts that Bitcoin could drop to $80,000 before starting a rally to new highs, expecting the S&P 500 and Nasdaq 100 to decline by 10% to 20% before Bitcoin finds its bottom [4]. Future Predictions - Analysts, including Kendrick, Lee, Hougan, and Hayes, have previously forecasted a Bitcoin rally to at least $200,000 by the end of the year [5].