According to Odaily Odaily, Geoffrey Kendrick, head of digital asset research at Standard Chartered Bank, said 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.
Geoffrey Kendrick added that several market metrics have reset to extreme levels. For example, Strategy's net asset value multiple (mNAV) has fallen to 1.0, a metric that compares a company's market capitalization to the market value of its Bitcoin holdings. He stated that this indicates the market has bottomed out.
Geoffrey Kendrick wrote: "I think that's enough to show that the sell-off is over and finally refutes those who think the halving cycle is still valid. My base case is a rebound by the end of the year."
