Bitcoin Crashes 4% But At $63,000 The Bottom Is ‘Almost In’: Standard Chartered

Standard Chartered Global Head of Digital Assets Research Geoffrey Kendrick on Thursday said the Bitcoin (CRYPTO: BTC) bottom is “almost in”, calling $63,000 the buying zone as the token trades down 22% over the past month.

ETF Holdings Held Firm, Proving More Resilient Than February Fear

Kendrick’s call is a direct reversal of his February 12 note, where he warned of “pain and final capitulation” and cut his near-term Bitcoin target to $50,000. 

The key variable that changed his view is spot ETF holdings.

In February, he flagged ETF capitulation as a real downside risk. Instead, holdings went from 682,000 Bitcoin to a peak and settled back to roughly 674,000, broadly flat over the period.

“This tells me that ETF holdings are more structurally strong than I had feared in February,” Kendrick wrote in a …

Full story available on Benzinga.com