Published: Friday, November 21, 2025 · 6:31 PM | Updated: Friday, November 21, 2025 · 6:31 PM
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Bitcoin’s recent market slump is over, according to Standard Chartered.
“I see the recent sell-off as being nothing more than (a fast/painful version of) the third one of the past couple of years, of nearly exactly the same magnitude,” Standard Chartered Global Head of Digital Assets Research Geoffrey Kendrick said in a Tuesday note, comparing the recent market correction to slumps experienced between March and September 2024 and this past January and April.
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In each of those instances, Bitcoin fell about 30% before rising 124% and 69%, respectively, from the lows.
Amid a two-week free fall, Bitcoin on Tuesday briefly fell below $90,000 for the first time in seven months to trade nearly 30% below its price record of $126,000 reached last month.
Kendrick said the recent rout was over, citing a collapse in metrics like the multiple to net asset value of pioneer Bitcoin treasury company Strategy (NASDAQ:MSTR). The company’s mNAV has dropped below 1, most recently sitting at 0.984.
“I think this is enough to signify the sell-off is over and to eventually disprove those who think the halving cycle remains valid,” Kendrick said. “A rally into year-end is my base case.”
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Kendrick is not the only analyst to suggest that the cryptocurrency market rout is over. Bitmine (NYSE:BMNR) Chair Tom Lee told CNBC on Tuesday that the market sell-off was “showing signs of exhaustion.” In the same segment, Bitwise investment chief Matt Hougan said, “We’re nearing a bottom.”
However, not all are as optimistic. Maelstrom investment chief Arthur Hayes on Monday said Bitcoin could fall as low as $80,000 before kicking off a rally to new highs. Hayes said he expected the S&P 500 and Nasdaq 100 to fall between 10% and 20% before Bitcoin finds a bottom.
Kendrick, Lee, Hougan and Hayes had all previously predicted a Bitcoin rally to at least $200,000 by year’s end.
The asset was most recently trading around $91,500.
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