Standard Chartered Bank: The BTC sell-off has ended, and a rebound is expected before the end of the year.

Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank, stated that Bitcoin's recent pullback appears to be over, noting that the decline is similar in magnitude to earlier drops in the past two years. Kendrick added that several market indicators have reset to extreme levels. For example, Strategy's net asset value multiple (mNAV), which compares a company's market capitalization to the market value of its Bitcoin holdings, has fallen to 1.0. He stated that this indicates the market has bottomed out. Kendrick wrote, "I think this is enough to indicate that the sell-off is over and finally refutes those who believe the halving cycle is still valid. My base case is a rebound by the end of the year."