Bitcoin Hasn’t Hit the Bottom Yet, Says Standard Chartered
Release: 2024/05/02 17:34 Reading: 382
Bitcoin Hasn't Hit the Bottom Yet, Says Standard Chartered
The leading digital currency, Bitcoin (BTC), still has room for decline, according to a new report from British firm Standard Chartered.
If the recent price dips in Bitcoin have been disheartening, leading financial institution Standard Chartered may further dampen spirits, predicting that the largest cryptocurrency by market capitalization could fall to $50,000.
In a Wednesday note, Geoffrey Kendrick, digital assets researcher at the British company and lead author of the report, stated that "the broader macro backdrop has deteriorated for assets like crypto that thrive on liquidity."
"The driver seems to be a combination of crypto-specific and broader macro," he added, noting that Bitcoin's break below $60,000 has opened up a path to the $50,000-$52,000 range.
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BTC Price Chart | Source: Coinstats
Bitcoin Will Hit $100K in 2024, Predicts Standard Chartered—Again
Despite the bearish outlook, Standard Chartered has maintained its bullish predictions for Bitcoin's long-term trajectory. The British multinational bank expects Bitcoin to reach $100,000 by next year. The bank initially made this prediction in April, forecasting that the largest digital currency would hit $100,000 by the end of 2024.
In July, Standard Chartered's team of analysts projected that Bitcoin could reach $120,000 within the same timeframe. While the prolonged bear market that dominated 2023 has recently shown signs of thawing, the bank reiterates its belief that Bitcoin could hit $100,000.
Just last month, Standard Chartered predicted that Bitcoin could reach $150,000 per coin by the end of the year.
Bitcoin experienced a significant surge following the January approval of 11 Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission. At the start of the year, it traded for a little over $44,000.
Capital flooded the market as investors who typically had no exposure to cryptocurrencies could now buy shares that tracked the asset's price through brokerage accounts.
Record amounts of money entered the products in the months following their launch, and in March, the cryptocurrency reached a new all-time high of $73,737.
However, the hype has subsided, and the Federal Reserve has signaled that it will maintain higher interest rates for an extended period, deterring investors from "risk-on" assets like Bitcoin.
Consequently, the funds have experienced significant outflows.
Despite reaching a new record in March, Bitcoin's price currently stands at $56,900, having dropped 13% in seven days. Since April, it has traded well below its 2021 record of $69,044.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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