The disagreement is loud, but Standard Chartered has taken a very clear position: the correction is nearing its endpoint.<\/p>\n
Rather than treating the plunge as the start of a structural breakdown, Standard Chartered sees the move as a textbook liquidation washout. Geoffrey Kendrick, the bank\u2019s head of digital asset research, says the selling pressure reflects short-term traders being forced out, not long-term capital abandoning the sector.<\/p>\n
His reasoning traces back to ETF-era history. Since U.S. spot Bitcoin ETFs launched, the market has already endured three rapid 30% corrections. Each time, once liquidations ran their course, Bitcoin didn\u2019t fade into a bear market \u2014 it reversed sharply upward.<\/p>\n
To Kendrick, nothing in the current decline looks different.<\/p>\n
Kendrick highlights a metric that rarely gets mentioned on social media: MicroStrategy\u2019s modified NAV ratio. When the ratio sinks toward 1.0, it has consistently lined up with exhausted selling phases. And right now, the ratio is headed directly into that territory again \u2014 one of the main reasons Standard Chartered expects the bottoming process to be close.<\/p>\n
His base case remains unchanged: Bitcoin to recover into the end of the year.<\/p>\n
Adding to the bullish camp \u2014 but from a completely different perspective \u2014 is market strategist Micha\u00ebl van de Poppe. He acknowledges that Bitcoin did bounce recently, but warns that volatility is still elevated, meaning recovery won\u2019t happen instantly.<\/p>\n
\n$BTC<\/a> made a good bounce yesterday, but volatility remains high.<\/p>\n
All indications that the markets are a little overextended to the downside.<\/p>\n
However, reversals take time, I would assume we'll be ranging around this area for a little while to build up a base before we're going to\u2026 pic.twitter.com\/h91YntZlmZ<\/a><\/p>\n
\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) November 19, 2025<\/a><\/p><\/blockquote>\n