Standard Chartered's digital assets research head Geoff Kendrick believes Bitcoin is approaching a price floor following a sharp 14% decline over seven days. The sell-off was driven by three converging pressures: an unexpected Bitcoin sale by Strategy, significant outflows from spot Bitcoin ETFs, and a wave of leveraged position liquidations. Kendrick's analysis suggests these forced selling events are largely exhausted, positioning the market close to a cyclical bottom. The assessment comes as Bitcoin investors monitor whether institutional demand through ETFs can stabilize prices. Standard Chartered has previously issued bullish long-term Bitcoin price targets, and this latest note reinforces the bank's constructive stance on the asset even amid short-term volatility and broader macroeconomic uncertainty affecting risk markets.
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