Standard Chartered Bank said Bitcoin could continue to fall and reach a value of $50,000. It has been hit hard by the ongoing correction of this market. BTC is down more than 5 percent in the last day, according to CoinMarketCap.
Bitcoin currently trades at just over $57,000, a dramatic drop from where it was a week earlier. More than 11% of the Bitcoin asset’s value has been lost since the event that was highly anticipated, on April 20th. Standard Chartered also notes that cryptocurrency’s leader could see the decline continue.
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Standard Chartered Bank says Bitcoin could reach $50,000
Bitcoin has taken over the financial sector’s discourse throughout 2024. This is largely due to the US approval of Spot Bitcoin Exchange Traded Funds. In addition, this year also marked the 4th ever Bitcoin halves in the asset’s history.
BTC hasn’t had a very successful month, despite the fact that these circumstances caused BTC to reach a high of $73,000 in March. This trend has only intensified over the past few weeks with the markets experiencing a significant downturn.
Standard Chartered Bank now warns that Bitcoin’s price could plummet to $50,000.
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“BTCs proper break below $60K has now reopened a route to the $50-$52k range,” Geoffrey Kendrick, the head of research for forex and digital assets at the bank, told The Block. “The driver seems to be a combination of crypto-secopecific and broader macro.”
Spot US ETFs experienced a period of five consecutive days with outflows. Hong Kong Spot Bitcoin ETFs, which were recently introduced, also received a poor reception during their debut.
All of these factors contributed to recent price drops. In the last one month alone, its value dropped by 17%. Will the macro-economic issues and crypto-related problems that are affecting its price be resolved in the near future? This would stop the asset from suffering the fate that Standard Chartered warned about.
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Source: watcher.guru
