Geoffrey Kendrick from Standard Chartered suggests that Bitcoin’s recent sell-off is ending, signaling potential market recovery as Q4 2023 progresses.
This market reassessment is crucial for investors as past patterns suggest a possibility of Bitcoin rally, affecting major cryptocurrencies and overall investor sentiment.
Geoffrey Kendrick: Macro Trends to Drive Bitcoin Rebound
Recent market trends indicate that the Bitcoin sell-off is likely complete. Analysts believe there may be a potential rally before the year ends. Head of Digital Assets Research at Standard Chartered, Geoffrey Kendrick, plays a crucial role in this analysis, emphasizing the significance of current macro trends influencing Bitcoin’s market behavior.
“The sell-off is broadly seen as complete or nearly so, with a year-end rally still in play.” — Geoffrey Kendrick, Head of Digital Assets Research, Standard Chartered Bank
Institutional Optimism Surges Post-Sell-Off
The completion of the sell-off may spark optimism in the crypto market. Institutional interest, as observed through recent ETF activity and macro trends, could further influence Bitcoin performance. Analysts suggest that historical patterns could predict recovery. The sell-off aligns with previous cycles where post-decline Bitcoin gains were observed. Whales increasing Bitcoin holdings could be seen as a bullish indicator.
Year-End Rally Prospects Based on Historical Patterns
Historically, end-of-year rallies in Bitcoin have followed periods of marked sell-offs, similar to trends noted in 2019 and 2020. Expert insights indicate a likelihood for a market rebound. Analysts such as Ali Martinez and Benjamin Cowen base their analyses on long-existing patterns alongside current market conditions.
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