Standard Chartered: Bitcoin Approaching Bottom, Current Range May Be Ideal Buying Opportunity

June 4 – Amid a sharp downturn in the crypto market, Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered Bank, noted that Bitcoin’s bottom is “almost in place” and its current price zone could present a long-awaited buying opportunity for investors. Kendrick highlighted that even with Bitcoin’s more than 22% slide over the last month, holdings in physical Bitcoin ETFs haven’t seen the massive, worrying outflows many feared. These holdings have stayed relatively stable since February, signaling that ETF investors’ holding base is far more resilient than anticipated. He attributes much of this recent dip to Strategy selling 32 Bitcoin (BTC). But drawing on historical patterns from late 2022, Strategy is poised to replenish its holdings on a far larger scale shortly – with repurchases expected to hit 10 to 100 times the amount it sold. Should this buying pressure hold, it would act as a major signal that the market has reached a bottom. Kendrick is sticking to his year-end price targets: $100,000 for Bitcoin and $4,000 for Ethereum. He added that while Bitcoin still faces a risk of dropping below $60,000, at this stage, building positions gradually makes more sense than trying to time the exact market bottom.