Bitcoin Could Drop Further to as Low as $50K, Standard Chartered Says
Bitcoin's breakdown through the $60K technical level could lead to a further drop to the $50K-$52K range, according to Standard Chartered. The decline is attributed to a mix of crypto-specific factors and macro influences. There have been five consecutive days of outflows from U.S. spot bitcoin exchange-traded funds (ETFs), with Bitcoin trading below the average ETF purchase price of $58K. This puts more than half of the spot ETF positions at risk of liquidation. The bank also highlighted poor headlines around the Hong Kong spot ETF launch and noted that broader liquidity measures in the U.S have deteriorated since mid-April. Standard Chartered recommends buying Bitcoin if it falls to the $50K-$52K range or if U.S. inflation data on the 15th is favorable.
