Standard Chartered's Head of Digital Asset Research: Bitcoin "bottom near," maintains year-end target of $100,000

CoinFeed reported on June 4th, citing The Block, that Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank, stated that Bitcoin has "almost bottomed out" after its recent sharp decline, with the current $63,000 range considered a "buying zone." He pointed out that since February, holdings in US spot Bitcoin ETFs have remained largely flat, without the anticipated concentrated redemptions, indicating more "structurally stable" funding. Kendrick predicts that after Strategy's recent sale of 32 BTC, which triggered selling pressure, it may follow historical patterns with a buyback of 10 to 100 times the initial investment, potentially confirming a temporary low. He also cautioned that Bitcoin still faces downside risk of falling below $60,000, but believes that buying in batches is better than attempting to precisely time the bottom.