Standard Chartered: bitcoin will fall to $ 50,000

Analysts at Standard Chartered Bank have said that the bitcoin rate BTC $55,696.89 Bitcoin -2.70% Market capitalization $1.1 trillion VOL. 24 hours $2.68 billion may continue its decline, falling to $ 50,000. Among the reasons, experts pointed to some trends in the crypto market and macroeconomic factors. This is reported by The Block.

Representatives of the institution note that the fall of the asset below $ 60,000 opened the way for the first cryptocurrency to a lower price range. We are talking about a drop in bitcoin to values from $ 50,000 to $ 52,000.

One of the main drivers of bitcoin 's decline is the five-day capital outflow from spot bitcoin ETFs. For example, on April 30, 2024, this asset class lost more than $ 161 million. According to experts, there were only nine trading days in the green zone last month.

Another reason for the prolonged decline of bitcoin was the weak reaction of the financial sector to the launch of cryptocurrency ETFs in Hong Kong. These investment products entered the market on April 30, 2024. On the day of launch, the total trading volume barely exceeded $ 12 million.

Jeffrey Kendrick, Standard Chartered’s head of forex and digital assets research, said that if the average purchase price of ETFs falls below $ 58,000, there is a risk of large-scale liquidation of crypto funds' positions.