According to recent comments, leading world bank Standard Chartered believes the price of Bitcoin could fall further to around $50,000.
Jeffrey Kendrick, head of foreign exchange and digital asset research at Standard Chartered, said: block: “BTC falling well below $60,000 once again opens the door to the $50,000-52,000 range.”
At the time of writing, Bitcoin is trading below $57,000 after a significant drop from recent highs of over $70,000. Kendrick cited both the Bitcoin market and broader macroeconomic factors that influence Bitcoin’s price.
He highlighted the fifth consecutive day of capital outflows. US Spot Bitcoin ETF The recent drawdown could be attributed to the slow start of the new Hong Kong Spot Bitcoin ETF.
Beyond the market, Kendrick pointed out that the deterioration of US liquidity measures is putting pressure on risk assets such as Bitcoin.
However, Standard Chartered and Kendrick remain bullish on the long-term outlook.Bank recently raised The company has set a Bitcoin price target of $150,000 by the end of 2024, and says the price could reach $250,000 in 2025.
Kendrick said the bank’s outlook remains unchanged and expects the next rally to occur after the 2024 US elections.
Binance Founder Changpeng Chao (CZ) and Negative Feelings Arising from Early Arrests Bitcoin investor Roger Ver It may also be a factor in drawdowns.
Still, this pullback also comes after seven straight months of gains for Bitcoin, suggesting a potential need for consolidation.
But mainstream adoption continues to accelerate, as evidenced by the initial large inflows into US spot ETFs. And while Hong Kong ETF trading started slowly, these investment vehicles will unlock significant institutional demand over time.
