Standard Chartered Bank: The BTC sell-off has ended, and a rebound is expected before the end of the year

Standard Chartered's Head of Digital Assets Research, Geoffrey Kendrick, stated that the recent pullback in Bitcoin seems to have ended. He noted that this decline is similar to earlier declines over the past two years in terms of magnitude.

Geoffrey Kendrick added that several market indicators have reset to extreme levels. For example, the net asset value multiple (mNAV) of Strategy has fallen to 1, which compares the company's market capitalization to the value of its Bitcoin holdings. He indicated that this suggests the market has bottomed out. Geoffrey Kendrick wrote, "I think this is enough to indicate that the sell-off has ended and ultimately refutes the notion that the halving cycle is still in effect. My baseline expectation is for a rebound before the end of the year."