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

BlockBeats News, June 4th. Following a sharp pullback in the crypto market, Standard Chartered Bank's Head of Digital Assets Research, Geoffrey Kendrick, stated that the Bitcoin bottom is "almost in place," and the current price range may present a long-awaited buying opportunity for investors.

Kendrick pointed out that despite Bitcoin's over 22% drop in the past month, holdings in physical Bitcoin ETFs have not seen the large-scale outflows of concern. The holdings have remained relatively stable since February this year, indicating that ETF investors' holding structure is more resilient than expected.

He believes that a key driver of this recent drop was Strategy selling 32 BTC. However, based on historical experience from the end of 2022, Strategy is likely to replenish on a much larger scale soon, with the repurchase volume expected to be 10 to 100 times the amount sold previously. If buying pressure is confirmed, it will serve as a significant signal of a market bottom.

Kendrick still maintains his year-end price targets of $100,000 for Bitcoin and $4000 for Ethereum. He mentioned that while there is still a risk of Bitcoin breaking below $60,000, at this stage, gradually accumulating positions is more sensible than attempting to time the exact market bottom.