Bitcoin Price Rebounds as Standard Chartered Predicts End of Sell-Off

Bitcoin's price recovered from a drop below BTC $90,000 to approximately $92,000. Standard Chartered predicts the downturn has ended and suggests a potential rise to $100,000.

Key Insights

Standard Chartered's Geoffrey Kendrick noted that Bitcoin's correction aligns with historical patterns, suggesting a market bottom.
Market indicators such as MicroStrategy’s modified net asset value multiple have reset to extreme levels, indicating stabilization.
Kendrick forecasts a possible rally by year-end.
On-chain data shows BTC's realized loss margin at -16%, a sign of potential recovery.
Bitcoin's RSI indicator dropped to 26, signaling oversold conditions similar to past cycle bottoms.

Previous RSI lows saw Bitcoin rebound from $76,000 to $120,000, hinting at a possible future rally.