Standard Chartered Digital Assets Head Kendrick Says Bitcoin Bottom Nearly Formed, Current Buying Opportunity
Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered Bank, stated that the Bitcoin bottom is "almost formed," and the current price range may be the long-awaited buying opportunity for investors.
Despite Bitcoin's decline of over 22% in the past month, the holdings of spot Bitcoin ETFs have remained stable since February this year, with no large-scale outflows, indicating that the investor holding structure is more resilient than expected.
Kendrick pointed out that the main trigger for this round of decline was Strategy selling 32 BTC, but based on historical experience from the end of 2022, Strategy is likely to quickly conduct a large-scale buyback, potentially reaching 10 to 100 times the amount previously sold. If buying pressure is confirmed, it will serve as an important bottom signal.
Kendrick maintains a year-end target price of $100,000 for Bitcoin and $4,000 for Ethereum, believing that gradually building positions at this stage is more reasonable than trying to time the bottom precisely, as there is still a risk of Bitcoin dropping below $60,000.
Source: Public Information
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Geoffrey Kendrick, as the Head of Digital Assets Research at Standard Chartered, has previously issued optimistic reports during Bitcoin's adjustment periods for 2024-2025, accurately predicting the resilience of institutional holdings after the approval of Bitcoin ETFs in 2024, and has a long-term positive outlook on Bitcoin as a reserve asset for institutional adoption.
In terms of capital strategy, Standard Chartered recommends institutional clients to gradually allocate Bitcoin during pullbacks through its digital asset research, leveraging stable holding data from Bitcoin ETFs to guide funds from panic selling to strategic buybacks, with the strategic goal of capturing rebound windows triggered by large corporate buybacks like MSTR.
This assessment is similar to Bitcoin's bottoming rebound at the end of 2022 after the FTX collapse, when institutions gradually increased their positions at low points, driving the bull market in 2023. The current crypto market is in a transitional phase driven by institutional buybacks after a bear market.
Essentially, this is about capital concentration: Bitcoin, as a highly liquid reserve asset, relies on corporate buybacks and ETF stable holdings for its price bottom formation, as the "sell and then large-scale buyback" mechanism of large holders like MSTR accelerates the release of selling pressure, shifting capital from retail panic to institutional strategic concentration.
ABAB News · Cognitive Law
Selling is fuel, buybacks are the engine; large holders selling often heralds the start of the next buying cycle.
ETF holdings stability is more real than price; resilient holders at the bottom determine market direction.
Bear market bottoms are never called, but quietly form in data and buyback signals; gradually building positions is better than waiting for the perfect timing.