Standard Chartered "Possibility that Bitcoin(BTC) sell-off is ending…Year-end rebound expected"
Summary
- Standard Chartered Bank said there is a possibility that the Bitcoin corrective flow is in its final stage.
- Jeffrey Kendrick stated that this sell-off is a temporary phenomenon caused by short-term profit-taking and forced liquidations, not by structural position changes of long-term investors.
- The bank mentioned the possibility of a year-end Bitcoin rally, and said the market views the Fed's interest rate decision and improvement in macro indicators as the key variables for the short-term flow.
Jeffrey Kendrick, head of digital asset research at Standard Chartered Bank, recently raised the possibility that Bitcoin (BTC)'s corrective flow may be in its final stage.
On the 18th (local time), according to cryptoasset (cryptocurrency) specialist media CoinDesk, Kendrick said the recent market downturn is "a typical correction pattern repeated over the past few years," and explained that "the base scenario is that Bitcoin could shift into a year-end rebound."
He emphasized that this sell-off was not caused by structural position changes among long-term investors, but was a temporary flow arising from overlapping short-term profit-taking and forced liquidations. Standard Chartered has also mentioned the possibility of a year-end Bitcoin bullish trend in a recent report.
The market points to the Federal Reserve (Fed)'s interest rate decision and whether macro indicators improve as the key variables that will determine the short-term flow.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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