Despite a sharp decline below $90,000 in November 2025, Standard Chartered’s digital asset research head, Geoffrey Kendrick, believes the correction is likely over. He argues that recent drops align with past post-ETF corrections, suggesting the market may be nearing a renewed rally before year-end. Kendrick’s reasoning stems from Bitcoin briefly trading below $90,000, wiping out 2025 gains and triggering panicked selling. The Crypto Fear & Greed Index fell to its lowest level of the year, reflecting unwinding of leveraged positions and reduced ETF flows. However, Kendrick maintains a positive outlook on Bitcoin’s fundamentals. He highlights the similarities in recent corrections to past experiences following U.S. spot Bitcoin ETFs launch in 2024. Each correction has been followed by a strong rebound, as sellers have gradually exited. Standard Chartered forecasts further gains if ETF inflows stabilize and institutional investors continue accumulating Bitcoin. This view is supported by ongoing corporate treasury interest that remains strong even during market turbulence. Kendrick’s ambitious year-end price target of $200,000 is based on these factors. The current volatility may be a classic late-correction phase. While the path to higher prices may remain bumpy, Standard Chartered believes the overall trend for Bitcoin remains positive.