The Leading International Cross Border Bank Standard Chartered The price of a car is expected to fall steeply. BitcoinThe report predicts a pessimistic outlook for bitcoin’s pioneering cryptocurrency amid a broader downturn in the market.
Bitcoin could plummet to $50,000
According to CoinMarketCap, the Bitcoin price is currently above $59,000. Bitcoin has become a popular cryptocurrency. experiencing massive price drops After the Bitcoin halving On April 20, 2024 the Federal Reserve’s (FED’s) decision to leave interest rates the same during the Federal Open Market Committee’s (FOC) meeting will have a further impact.FOMCMeeting Wednesday May 1
Standard Chartered has warned that Bitcoin will experience further price declines in the near future. The bank predicts that Bitcoin may settle at between $50,000 to $52,000. That’s a drop of about $20,000 from Bitcoin’s previous high of nearly $73,000 reached in March of 2024. The bank has updated its previous forecast which predicted that the price of Bitcoin would drop to between $50,000 and $52,000 by 2024. This is a loss of more than $20,000 from it’s all-time high in March, when it reached over $73,000. Bitcoin rise to $150,000 by the end of 2024.
Geoffery Kennedrick, the head of Standard Chatered’s research on forex and digital asset’s, revealed that a number of factors could be driving. Bitcoin’s decline In a Wednesday statement, Kendrick explained the macroeconomic influences and crypto-specific factors that impact Bitcoin’s price. Kendrick focused on macroeconomic and crypto factors that have an impact on the Bitcoin price, highlighting challenges such as the United States reducing liquidity since the middle of April.
“Liquidity matters when it matters, but with a backdrop of strong US inflation data and less likelihood of Fed rate cuts, it matters at the moment,” Kendrick stated.
Standard Chartered also cited a series of massive outflows witnessed by Spot Bitcoin ETfs In the US and the lackluster performance of Ethereum Spot ETFs Hong Kong, China
On May 1, approximately ten US Spot Bitcoin exchange-traded funds (ETFs), collectively amounted to $563.7 millions, experienced massive outflows. Kendrick revealed that “more than half of the Spot ETF positions are underwater.” The risk of liquidation should also be taken into consideration, particularly as the investor’s sentiment is likely to be changing away from digital assets.
BTC price jumps over $1,000 despite market downturn
Bitcoins’ value fell below $58k at one point during the day of May 2. The cryptocurrency is currently up more than 1.56 %, and has risen by over $1,000 within a single day.
Many analysts predicted that the price of cryptocurrency would continue to fall. Bitcoin to reach its bottom During this period of bearishness. The analysts like Ali Martinez Michael van de Poppe believes that there will be a couple more corrections in the price before the market stabilizes. Bitcoin can then prepare itself for the potential of a major rally. bullish rebound.
BTC price jumps above $60,000 | Source: BTCUSD on Tradingview.com
MarketWatch chart and image featured.
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