Following the Bitcoin price crash under $90,000 earlier this week, the world’s largest asset has bounced back as banking giant Standard Chartered predicts that the bottom is already in.

With BTC already trading closer to $92,000 as of press time, market experts believe that a bounce to $100K could happen quickly.

Standard Chartered’s head of digital assets research, Geoffrey Kendrick, said Bitcoin’s recent correction appears to have largely concluded.

He noted that the recent Bitcoin crash closely mirrors previous drawdowns of similar scale over the past two years.

In a research note sent to Standard Chartered clients on Tuesday, Geoffrey Kendrick said the latest BTC sell-off aligns with the third major pullback of the current market cycle.

The analyst also cited chart patterns showing comparable percentage declines.

Kendrick added that several market indicators have now reset to extreme levels. Among them is MicroStrategy’s modified net asset value multiple (mNAV), which compares the firm’s market capitalization with the marked-to-market value of its bitcoin holdings.

Kendrick noted that the metric had fallen back to 1.0, hinting that the market has reached a bottom.

“I think this is enough to signify the sell-off is over and to eventually disprove those who think the halving cycle remains valid. A rally into year-end is my base case,” wrote Kendrick.

Standard Chartered is also bullish on the rising blockchain adoption, noting that all global transactions will eventually settle on the blockchain networks.

Crypto analyst Ali Martinez noted that Bitcoin typically rebounds when traders’ realized loss margin drops below -12%. This threshold has historically signaled capitulation and market bottoming.

According to Martinez, the metric has now fallen to -16%. This shows that the Bitcoin price is already facing deeper losses than usual, and could be on the path to recovery.

BTC’s Relative Strength Index (RSI) indicator has dropped to 26, representing oversold conditions. A similar setup in previous cycles has often coincided with market bottoms.

The last time Bitcoin’s RSI reached similar levels, the asset was trading near $76,000 before staging a sharp rebound that carried it toward the $120,000 range.

A similar rally could possibly push Bitcoin price to new all-time highs.

Read original story Bitcoin Price Year-End Rally Could Resume Soon, Says Standard Chartered Analyst by Bhushan Akolkar at Coinspeaker.com