Reserve

Wednesday

Bitcoin

Standard

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Standard Chartered revises its Bitcoin forecast, expecting a rebound from a recent low of $56,500.</li>
 <li>The bank cites less hawkish Federal Reserve rates and a positive U.S. jobs report as significant factors in its revised outlook.</li>
</ul>
<p>Standard Chartered has adjusted its short-term outlook for <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>, predicting a recovery from its recent low of $56,500. This is a change from the bank’s prediction last week, which suggested the cryptocurrency could fall into the $50,000-$52,000 range.</p>
<h2 id="optimistic-outlook-on-bitcoin">Optimistic Outlook on Bitcoin</h2>
<p>Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered, stated, “Things are improving and we have likely seen the low at $56,500 on 1 May.”</p>
<p>The bank revised its forecast after the Federal Reserve’s rates announcement last Wednesday was less aggressive than anticipated. This, coupled with a positive U.S. jobs report on Friday, were key macroeconomic factors that Kendrick believes led to $595 million of inflows to several U.S.-based Bitcoin ETFs in the last two sessions. This followed a record seven consecutive days of outflows. Kendrick also highlighted that Hong Kong ETFs have now added inflows of $246 million.</p>
<h2 id="concerns-over-u-s-government-debt">Concerns Over U.S. Government Debt</h2>
<p>Kendrick expressed concerns over the sustainability of U.S. government debt and deficits. He suggested that for U.S. Treasurys, this could mean a steeper curve, higher breakevens, and higher term premiums. “We think such a scenario would be broadly supportive of digital assets as investors seek alternative assets,” he said.</p>
<p>The analyst also suggested that a second Trump administration, if it were to occur, would likely have a positive impact on Bitcoin. He believes a more supportive regulatory environment under Trump would be beneficial for digital assets.</p>

Standard Chartered Reports Positive Shift in Bitcoin Market Post $56,500 Dip

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