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Standard Chartered: Bitcoin is approaching the bottom, currently possibly the ideal buying zone

MeNews
ME News Report, June 4th (UTC+8), after a sharp correction in the crypto market, Standard Chartered's Digital Asset Research Head Geoffrey Kendrick stated that the Bitcoin bottom "has almost been formed," and the current price range could be a long-awaited buying opportunity for investors. Kendrick pointed out that although Bitcoin has fallen over 22% in the past month, there has not been the large-scale outflow of spot Bitcoin ETF holdings that was previously feared; holdings have remained relatively stable since February of this year, indicating that ETF investors' holdings are more resilient than expected. He believes that the main trigger for this round of decline was Strategy selling 32 BTC, but based on historical experience at the end of 2022, Strategy is likely to quickly make larger-scale replenishments, with repurchase amounts possibly reaching 10 times or even 100 times the previous sales. If buying interest is confirmed, it will be an important signal that the market has bottomed out. Kendrick still maintains his year-end target prices of $100k for Bitcoin and $4,000 for Ethereum, and stated that although Bitcoin still faces the risk of falling below $60k, gradually building positions at this stage is more reasonable than trying to precisely catch the bottom. (Source: BlockBeats)
BTC-0.95%
ETH-2.89%
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