- Bitcoin could target $50K-$52K on the downside, Standard Chartered said.
- The bank said bitcoin is now trading below the average spot ETF purchase price of $58K.
- Risk assets like crypto are feeling the pinch due to rising macro headwinds and falling liquidity.
As an experienced financial analyst, I believe that Standard Chartered’s assessment of Bitcoin’s potential downside target is a valid one based on current market conditions. The breakdown of the $60K technical level is a significant development and opens the door for a potential move lower to the $50K-$52K range.According to a report from Standard Chartered, published on Wednesday, Bitcoin’s (BTC) falling below the $60,000 mark signals a potential drop towards the $50,000-$52,000 price range.
As a crypto investor, I’ve noticed that the recent price drop in Bitcoin is likely due to a mix of unique factors within the cryptocurrency market and broader economic influences. At the time of publication, Bitcoin was down approximately 6% and trading around $57,200.
As a crypto investor, I’ve observed that U.S. bitcoin exchange-traded funds (ETFs) have experienced five consecutive days of outflows. The current bitcoin price is below the average purchase price for these ETFs, which hovers around $58K.
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2024-05-01 17:54