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 <p class="paragraph">As the cryptocurrency landscape undergoes a volatile shift, Standard Chartered, a global banking behemoth, has voiced concerns about &nbsp;Bitcoin’s (BTC) <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> trajectory, suggesting it might drop to the $50,000 mark.</p>
 <p class="paragraph"><em>Geoffrey Kendrick</em>, head of Forex and Digital Assets Research at Standard Chartered, has voiced concerns after Bitcoin’s recent dip below $60,000, indicating a potential drop toward $50,000-$52,000, according to reports.</p>
 <p class="paragraph">Adding to the crypto market’s challenges are the significant outflows from U.S. spot Bitcoin ETFs and tepid interest in Hong Kong’s newly launched spot Bitcoin ETFs, the factors Kendrick cites as primary reasons for the recent downturn.</p>
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 <p class="paragraph">Key factors include five consecutive days of outflows from U.S. spot Bitcoin ETFs and <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>s falling below the ETFs’ average purchase <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>. Furthermore, the average purchase <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of these ETFs falling below $58,000 increases the risk of liquidation, especially since more than half of these ETF positions are incurring losses.</p>
 <p class="paragraph">Additionally, the bank pointed out that the launch of the Hong Kong spot ETF did not meet expectations, with the focus on the low turnover volume of $11 million overshadowing the satisfactory net asset position of the new ETFs.</p>
 <p class="paragraph">The broader economic environment hasn’t been supportive either, with tightening liquidity measures in the U.S. which have been worsening since mid-April, exerting additional pressure on risk assets like Bitcoin.</p>
 <h2 class="wp-block-heading" id="h-long-term-optimism-despite-current-volatility">Long-term optimism despite current volatility</h2>
 <p class="paragraph">Despite these immediate challenges, Standard Chartered remains bullish on Bitcoin’s long-term prospects. The bank recently revised its end-of-2024 Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> prediction upward from $100,000 to $150,000.</p>
 <p class="paragraph">The bank recommends purchasing Bitcoin if it falls to the $50,000-$52,000 range, or if the U.S. Consumer Price Index (CPI) on the 15th, which measures inflation, is favorable.</p>
 <p class="paragraph">While the market currently faces downward pressure, the underlying momentum and institutional interest suggest that Bitcoin might rebound strongly. This belief is anchored in the crypto’s past performance and its foundational role in the digital asset space, pointing towards recovery as market conditions improve and as strategic investments in the ecosystem continue to unfold.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-could-crash-to-50k-predicts-800-billion-bank-tbt87169.html">https://thebittimes.com/bitcoin-price-could-crash-to-50k-predicts-800-billion-bank-tbt87169.html</a></p>

Bitcoin price could crash to $50K, predicts $800 billion bank

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