Standard Chartered Bank's Head of Digital Asset Research: Bitcoin's "bottom is near," maintaining a year-end target of $100,000

According to The Block, Geoffrey Kendrick, the head of digital asset research at Standard Chartered Bank, stated that "the bottom has almost appeared" for Bitcoin after a recent sharp decline, with the current range of about $63,000 being a "buying range." He pointed out that since February, the overall holdings of the U.S. spot Bitcoin ETF have remained stable, with no concentrated redemptions that would raise concerns, indicating that funds are more "structurally stable."

Kendrick expects that after the recent selling pressure triggered by Strategy's sale of 32 BTC, there may be a buyback at a scale of 10 times or even 100 times, following historical practices, which could signal the confirmation of a temporary low. He also cautioned that there is still a downside risk of Bitcoin falling below $60,000, but believes that buying in batches is preferable to trying to time the bottom precisely. The bank maintains its year-end targets of $100,000 for Bitcoin and $4,000 for Ethereum.