Bitcoin is showing strong signs of recovery after briefly slipping below $90,000 earlier this week. The world’s largest cryptocurrency has climbed back toward the $92,000 range, and market analysts now believe the recent sell-off may have already run its course. Some experts say a rapid move toward the $100,000 mark could be next.
Standard Chartered Signals End of BTC Sell-Off
Geoffrey Kendrick, head of digital assets research at Standard Chartered, said the latest correction aligns closely with previous pullbacks seen over the past two years.
According to Kendrick, Bitcoin’s decline matches the third major retracement of the current cycle, suggesting the worst may be behind the market.
He pointed to several reset indicators, including MicroStrategy’s modified net asset value multiple (mNAV), which has dropped back to 1.0—a level historically associated with cycle bottoms.
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Kendrick said these metrics collectively show the downturn has likely ended, adding that he expects a strong rally heading into the end of the year. He also noted growing confidence in global blockchain adoption, predicting that future financial settlement systems will eventually rely on blockchain technology.
On-Chain Metrics Strengthen Bullish Outlook
On-chain data analysts are also spotting early signs of recovery. Crypto analyst Ali Martinez highlighted that Bitcoin typically begins to rebound when traders’ realized loss margin falls below -12%, a threshold often linked with capitulation.
That figure has now reached -16%, indicating deeper losses than usual and a potential pivot toward recovery.
Bitcoin’s Relative Strength Index (RSI) has also dipped to 26, placing it firmly in oversold territory. In previous cycles, similar RSI readings have aligned with significant price reversals.
The last time BTC hit comparable RSI levels, it surged from around $76,000 to the $120,000 range shortly after.
If history follows the same pattern, Bitcoin may be positioned for a strong upward move, potentially pushing the cryptocurrency to new all-time highs.
