Standard Chartered Says Bitcoin Price Bottom Is Near After Brutal Selloff

Key Insights

• Bitcoin (BTC) price may be near a bottom, according to Standard Chartered.
• Standard Chartered sees Strategy buying and Bitcoin ETF resilience limiting forced selling.
• MVRV support near $54K to $50K remains the key downside risk if $60K fails.

Bitcoin price is again the center of market debate after a sharp selloff dragged BTC toward the $63,000 area. Standard Chartered analyst Geoffrey Kendrick said the latest weakness may be close to exhaustion.

Still, he stopped short of calling a confirmed bottom. His view rests on three moving parts: possible Strategy buying, steady spot Bitcoin ETF holdings, and heavy futures liquidations.

Traders now have a fresh BTC price prediction to weigh. Bitcoin is also testing long-term support as sentiment turns defensive across the crypto market.

Bitcoin Price Retests Long-Term Support After Selloff

Bitcoin price has fallen sharply from recent highs near $82,000. The move has pushed traders toward the $60,000 to $62,000 range.

That zone sits near the 200-week moving average, a level many market watchers treat as long-term support.

Bitcoin Price Movement | Source: TradingView

The 200-week moving average has marked several major accumulation zones in past cycles. It helped define market bottoms in 2015, 2018, and 2020.

Still, the 2022 FTX collapse showed that Bitcoin price can break below this level during severe stress. For now, the Bitcoin news cycle is focused on whether buyers defend that area.

A daily or weekly loss of the range could expose BTC price to deeper support levels around $ 50,000 to $ 54,000.

Bitcoin Price Bottom Call Hinges On Strategy Buying

Kendrick said Strategy’s small 32 BTC sale came at a painful time for the market. The sale worried investors because Strategy has long been seen as a strong corporate Bitcoin holder.

Even so, the Standard Chartered analyst said the next move may matter more than the sale itself. When Strategy last sold Bitcoin in December 2022, it sold 704 BTC for tax reasons.

It then bought back 810 BTC two days later. Kendrick now suspects the company could buy back far more than it sold this time.

He said a repurchase of 320 BTC or even 3,200 BTC could change sentiment. Such a move would not erase all risks. Yet it may support the Bitcoin price near current levels. It could also challenge the view that corporate Bitcoin treasuries are turning into forced sellers.

BTC Price Prediction Turns To MVRV And $60K Support

ETF holdings are another key part of Kendrick’s BTC price prediction. Earlier this year, he warned that capitulation in spot Bitcoin ETFs could create more pressure. Instead, Bitcoin ETF holdings have stayed broadly stable since February.

That matters because ETF selling was one of the clearest risks for another leg lower. If those holders remain steady, and Strategy resumes buying, the market may have fewer obvious sources of forced supply.

On-chain data also indicate a market closer to reset territory. Crypto analyst Ali Martinez warned that Bitcoin could retest the $54,000-$50,000 MVRV support zone.

That risk would rise if the $60,000 area fails. MVRV readings near 1 have often appeared near accumulation phases, not euphoric tops.

BTC Price Analysis | Source: X

Still, this is not a clean bullish reversal. Kendrick said there are still many ifs in the outlook. Futures liquidations near $1.5 billion may have cleared much of the leverage. Another drop below $60,000 could trigger selling again.

That leaves the Bitcoin price prediction in a narrow decision zone. Holding $60,000 to $62,000 would strengthen the case for accumulation. Losing it would make the next BTC price prediction more defensive, with $54,000 and $50,000 back in focus.

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