According to The Block, Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, said that after the recent sharp decline in Bitcoin, “the bottom is nearly in,” with the current price of around $63,000 representing a “buying zone.” He noted that U.S. spot Bitcoin ETFs have seen relatively stable holdings since February, with no significant redemptions and increasing capital stability. Kendrick expects that after Strategy’s sale of 32 BTC, a repurchase at 10 to 100 times the scale—following historical patterns—could signal a potential near-term low. He cautioned that Bitcoin still risks falling below $60,000 but recommended dollar-cost averaging rather than attempting to time the exact bottom.
Geoffrey Kendrick: Bitcoin Bottom Approaching, Current Level a Buy Zone
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Summary
Bitcoin news: Geoffrey Kendrick, Head of Digital Assets at Standard Chartered, says Bitcoin analysis indicates the recent decline has brought the market close to a bottom. At $63,000, he identifies it as a buy zone. U.S. spot Bitcoin ETF holdings have remained stable since February, with no significant redemptions. Following a 32 BTC sale by Strategy, a large-scale repurchase could signal a short-term low. He cautions that a drop below $60,000 is possible but recommends gradual buying rather than attempting to time the exact bottom.
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