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Standard Chartered has projected that the price of Bitcoin could potentially drop to $50,000, citing a recent breakdown through the $60,000 technical level that could lead to further declines in the $50K-$52K range. The bank noted that Bitcoin is currently trading below the average spot ETF purchase price of approximately $58,000, which increases the risk of liquidations. This situation is exacerbated by Bitcoin's recent fall to around $57,000, which many analysts consider a potential local bottom. The bank also highlighted that a 13% drop could occur as macro drivers slow.
Bitcoin will drop 13% to $50,000 after falling below a key support level as macro drivers slow, Standard Chartered says https://t.co/yCWwaThnav
❖ BITCOIN COULD DROP FURTHER TO AS LOW AS $50K, STANDARD CHARTERED SAYS Bitcoin’s (BTC) breakdown through the $60K technical level opens the way for another move lower to the $50K-$52K range, investment bank Standard Chartered said in emailed comments on Wednesday.…
.@StanChart says $BTC is trading below the average spot ETF purchase price of about $58K and this means there is a risk of liquidations, resulting in BTC reaching as low as $50k. @willcanny99 reports. https://t.co/iJl4bcTM2Q
