BlockBeats news, on June 4, after a sharp market correction in the crypto space, Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, said that Bitcoin’s bottom is “nearly in place,” and the current price range may be the long-awaited buying opportunity investors have been waiting for.
Kendrick noted that, despite Bitcoin falling over 22% over the past month, spot Bitcoin ETF holdings have not experienced the large-scale outflows previously feared, remaining largely stable since February this year, indicating that ETF investors' positioning is more resilient than expected.
He believes that a key trigger for this downturn was Strategy selling 32 BTC; however, referencing historical patterns from late 2022, Strategy is likely to quickly replenish its position on a much larger scale, with estimated repurchases potentially reaching 10 to even 100 times the amount previously sold. If buying pressure is confirmed, it could serve as a significant signal that the market has bottomed out.
Kendrick still maintains his year-end price targets of $100,000 for Bitcoin and $4,000 for Ethereum, and noted that although Bitcoin still faces the risk of falling below $60,000, dollar-cost averaging is more prudent than attempting to time the exact bottom at this stage.