$BTC Geoff Kendrick, head of digital asset research at Standard Chartered, believes that following the recent sharp pullback in Bitcoin, the market may have largely passed its bottom.

According to Kendrick’s assessment, Bitcoin’s decline to around $59,000 marks the weakest point in the cryptocurrency market in recent times. Recalling that the leading cryptocurrency has lost over 50% of its value since reaching its record high of $126,000 approximately eight months ago, Kendrick argued that the current situation indicates that the selling pressure is nearing its end.