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Bitcoin Sell-Off May Be Complete, Year-End Rally Possible, Says Standard Chartered
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Nov 19, 2025
Bitcoin’s decline below $90,000 may signal the end of the current correction, according to Geoffrey Kendrick of Standard Chartered. The head of digital asset research characterized the pullback as the third major 30% correction since U.S. spot Bitcoin ETFs launched last year, following a recurring pattern that suggests seller exhaustion.
Bitcoin plunged below $90,000 on Tuesday, extending a drawdown that erased nearly 30% from the cryptocurrency's all-time high above $126,000 set in early October. The latest decline marks the deepest pullback since spot Bitcoin ETFs launched in the United States.
Kendrick noted in a Tuesday client note that the recent sell-off represents a fast and painful version of previous corrections with nearly identical magnitude. Key sentiment and valuation metrics have reset to levels historically associated with market bottoms, he stated.
Strategy's modified net asset value, which measures the firm's Bitcoin holdings relative to its share price, dropped to parity at 1.0. The cryptocurrency treasury company's metric reaching this level suggests seller exhaustion and capitulation, according to Kendrick's analysis.
Multiple indicators have collapsed to absolute zero levels, signaling the sell-off may be over. Kendrick stated that a rally into year-end remains his base case scenario based on these technical and sentiment readings.
Bitfinex analysts noted the pace of short-term holder realized losses has begun slowing, with on-chain capitulation signals emerging as typical markers of a market bottom forming. Bitcoin bounced to just below $93,000 on Tuesday, up 3.8% from overnight lows.
The steep decline has stirred debate about whether Bitcoin is entering the bear market phase of its typical four-year cycle. Bitcoin experiences a halving event roughly every four years, typically followed by significant price drawdowns 12 to 18 months later.
After the April 2024 halving, Bitcoin neared the end of that window in October. Some analysts suggest the cycle may be delayed rather than ended, while others point to historical patterns that indicate bottoms forming after short-term holders capitulate into losses.
Standard Chartered's analysis provides a contrarian view as trading volume more than doubled, and approximately $335 million worth of Bitcoin derivatives contracts were liquidated in the past day, pushing total crypto market liquidations higher across digital assets.
Sources >> Bitcoin Sell-Off May Be Complete, Year-End Rally Possible, Says Standard Chartered
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