Standard Chartered, a major global bank, believes that Bitcoin’s price may fall further to $50,000 in the future.
Geoffrey Kendrick is the head of research for forex and digital assets at Standard Chartered. The Block: “BTC’s proper break below $60,000 has now reopened a route to the $50,000-52,000 range.”
Bitcoin has fallen from recent highs of over $70,000 to under $57,000 as I write this. Kendrick said that both Bitcoin and macroeconomic factors were affecting Bitcoin’s value.
The five consecutive days of outflows were highlighted by the President. U.S. spot Bitcoin ETFs Recent price declines can be attributed to a number of factors, including the slower start for Hong Kong-based Bitcoin ETFs.
Kendrick cited deteriorating U.S. liquidity measures that put pressure Bitcoin and other risky assets.
Standard Chartered Kendrick however maintain a long-term bullish outlook. The bank recently raised The price of Bitcoin is expected to reach $250,000 by 2025, compared with the $150,000 target for 2024.
Kendrick said that the forecast of the bank remains unchanged, and expects the next After the 2020 U.S. presidential elections, there will be a rally.
A negative sentiment arising from recent arrests Binance founder Changpeng Zhao CZ and early Bitcoin investor Roger Ver There are other possible factors that could affect the amount of money you withdraw.
The pullback comes despite the fact that Bitcoin has seen gains for seven months in a row, indicating a possible need to consolidate.
The mainstream continues to accelerate, as evidenced by the early massive inflows of U.S. ETFs. Hong Kong ETF trades began slowly. However, they should become more popular with institutional investors over time.
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Source: bitcoinmagazine.com
