Bitcoin

Standard

Geoffrey Kendrick, head of Forex and Digital Assets Research at Standard Chartered Bank, would further raise concerns about the direction of Bitcoin as the recent drop has been <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener" data-wpel-link="external">below $60,000</a> and most likely is going to signal a further decline to around $50,000-$52,000. 
He pointed out that crypto was under mounting pressure as new Bitcoin and Ether ETFs failed to attract much demand in<a href="https://www.cryptotimes.io/2024/04/30/hong-kong-launches-bitcoin-and-ethereum-etfs/" data-wpel-link="internal"> Hong Kong</a> for five days running. 
Kendrick noted that the average purchase price of the ETFs has come down to under $58,000, raising the risk of liquidation, considering over half of these ETF positions are currently in the loss-making zone. 
Despite the current bearish trend, Standard Chartered remains optimistic about Bitcoin’s long-term value. In March, the bank revised its<a href="https://www.cryptotimes.io/2024/03/18/standard-chartered-bank-elevates-bitcoin-forecast-to-150000/" data-wpel-link="internal"> end-of-2024 Bitcoin price </a>prediction from $100,000 to $150,000, citing potential strong inflows into spot Bitcoin ETFs and interest from forex reserve managers. Kendrick even suggested that the price might soar to $250,000 by 2025. Kendrick suggests that the rally’s timing depends on ongoing market positivity and potential geopolitical factors, such as the upcoming U.S. presidential election. He anticipates a potential surge later in the year if market conditions remain favorable. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read: <a href="https://www.cryptotimes.io/2024/05/01/bitcoins-6-drop-to-59500-sparks-buy-the-dip-sentiments/" data-wpel-link="internal">Bitcoin’s 6% Drop to $59,500 Sparks “Buy the Dip” Sentiments</a> 
</blockquote>

Bitcoin’s Price Could Hit $50K, Says Standard Chartered

The Crypto Times

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