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- The leading cryptocurrency, Bitcoin (BTC), still has potential for further decline, according to a recent report from the British firm, Standard Chartered.
If you believe the recent declines in Bitcoin’s price are concerning, the prominent financial institution Standard Chartered may further exacerbate your worries, asserting that the largest cryptocurrency by market capitalization could decrease to as low as $50,000.
In a note released on Wednesday, Geoffrey Kendrick—digital assets researcher at the British firm and primary author of the report—stated that “the overall macro environment has worsened for assets like crypto that depend on liquidity.”
“The factors appear to be a mix of crypto-specific issues and broader macroeconomic conditions,” he continued, indicating that Bitcoin’s drop below $60,000 has now reopened a pathway to the $50,000-$52,000 range.
BTC Price Chart | Source: Coinstats
Bitcoin Will Hit $100K in 2024, Predicts Standard Chartered—Again
Standard Chartered has projected that Bitcoin will reach $100,000 by next year. The bank initially made this optimistic forecast in April, suggesting that the largest digital currency would achieve $100,000 by the end of 2024.
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In July, its analysts estimated that Bitcoin could reach $120,000 within the same timeframe. Although the prolonged bear market that characterized 2023 is only recently beginning to show signs of recovery, the bank is reiterating its prediction that Bitcoin could reach $100,000—and that a Bitcoin…
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Just last month, Standard Chartered forecasted that Bitcoin could reach $150,000 per coin by the year’s end.
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 beginning of the year, it was trading at just over $44,000.
Capital surged into the market as investors who typically had no exposure to cryptocurrencies were suddenly able to purchase shares that track the asset’s price through brokerage accounts.
Unprecedented amounts of capital flowed into these products in the months following their introduction, and in March, the cryptocurrency achieved a new all-time high of $73,737.
However, the excitement has diminished, and the Federal Reserve has indicated it will maintain higher interest rates for an extended period—dissuading investors from “risk-on” assets like Bitcoin.
Consequently, the funds have seen considerable outflows.
Despite reaching a new peak in March, Bitcoin’s current price is $56,900, having fallen 13% over the past week. Since April, it has consistently 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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