While there is a deep decline in the cryptocurrency market, led by Bitcoin, many analysts are warning investors that further declines may follow.
At this point, Standard Chartered also announced that it expects a decrease in BTC.
According to The Block, Standard Chartered analysts said Bitcoin could drop to $50,000.
Stating that the Bitcoin price falling below $ 60,000 could be the beginning of further declines to come, Standard Chartered research head Geoffrey Kendrick said the following about the BTC price:
“Bitcoin's break below $60,000 has now brought the $50,000-52,000 range back to the agenda. This decline could mean that BTC could drop to $50,000.
“The reason for this decline appears to be a combination of crypto-specific and broader macro concerns.”
Kendrick said crypto-specific concerns include five consecutive days of outflows from U.S. spot ETFs and weak inflows following the launch of Bitcoin and Ether ETFs in Hong Kong.
Finally, the analyst stated that macroeconomic concerns include concerns about inflation and interest rate cuts.
*This is not investment advice.