{"id":30109,"date":"2024-05-03T10:49:36","date_gmt":"2024-05-03T10:49:36","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/standard-chartered-forecasts-50k-drop-in-bitcoin-prices\/"},"modified":"2024-05-03T10:49:36","modified_gmt":"2024-05-03T10:49:36","slug":"standard-chartered-forecasts-50k-drop-in-bitcoin-prices","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/standard-chartered-forecasts-50k-drop-in-bitcoin-prices\/","title":{"rendered":"Standard Chartered Forecasts $50K Drop in Bitcoin Prices"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Standard Chartered Bank has issued a warning regarding the potential decline of bitcoin\u2019s price to the $50,000 range. The head of digital asset research at the bank cited a combination of factors contributing to this forecast.<\/p>\n

Geoffrey Kendrick, leading the bank\u2019s forex and digital assets research, expressed concerns about bitcoin\u2019s recent drop below $60,000, signaling possible challenges ahead. He emphasized:<\/p>\n

\u201cThe proper break below $60K has now reopened a route to the $50K-$52K range\u2026 The driver seems to be a combination of crypto-specific and broader macro factors.\u201d<\/em><\/p>\n

Kendrick highlighted specific issues within the crypto realm, including outflows from U.S. spot bitcoin exchange-traded funds (ETFs) and lackluster response to new spot bitcoin and ether ETFs in Hong Kong<\/a>. He cautioned that over half of the spot ETF positions are underwater, increasing the risk of liquidation.<\/p>\n

Macroeconomic Trends Impact Bitcoin\u2019s Price<\/strong><\/h2>\n

In addition to crypto-specific concerns, Kendrick pointed to broader macroeconomic trends affecting bitcoin\u2019s price dynamics. He noted the tightening liquidity conditions in the U.S. since mid-April, which impact assets like cryptocurrencies that typically benefit from liquidity.<\/p>\n

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New players only. Exclusive 111% Welcome Bonus + 111 Free Spins<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Kendrick stated: \u201cLiquidity matters when it matters, but with strong U.S. inflation data and less likelihood of Fed rate cuts, it matters at the moment.\u201d<\/em><\/p>\n

Despite the short-term bearish outlook, Standard Chartered maintains its long-term bitcoin price projections. The bank raised its end-of-year forecast for 2024 to $150,000 and suggested a potential rise to $250,000 in 2025. These projections hinge on continued strong inflows into spot bitcoin ETFs and potential purchases by forex reserve managers.<\/p>\n

Kendrick noted the timing of these predictions, stating: \u201cIt may take a little while now. But I think when we get closer to Trump election victory we can rally hard from say Sept. to year-end.\u201d<\/em><\/p>\n

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Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) Standard Chartered Bank has issued a warning regarding the potential decline of bitcoin\u2019s price to the $50,000 range. The head of digital asset research at the bank cited a combination of factors contributing to this forecast. Geoffrey Kendrick, leading the bank\u2019s forex and digital assets research, […]<\/p>\n","protected":false},"author":34,"featured_media":30110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/30109"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=30109"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/30109\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/30110"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=30109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=30109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=30109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}