Bitcoin (BTC) and altcoins experienced successive and very sharp declines. During these declines, Bitcoin fell as low as $60,000, while Ethereum (ETH) dropped below $2,000.
At this point, analysts expect the declines to continue as cryptocurrencies are in a bear market, while Standard Chartered has released its latest updated forecasts.
Standard Chartered analysts, revising their predictions for Bitcoin and Ethereum, stated that the downtrend will continue for a few more days.
According to Reuters, Standard Chartered analysts said the cryptocurrency market will bottom out within a few months.
In this context, analysts stated that they expect Bitcoin to fall to $50,000 and Ethereum to fall to $1,400 before the market bottoms out.
The bank also revised its year-end forecasts downwards. The forecast for Bitcoin was lowered from $150,000 to $100,000, and for Ethereum from $7,500 to $4,000.
Bitcoin is trading at around $67,900 at the time of writing and has lost about a third of its value since October.
Ethereum is currently trading at $1,980 and has experienced a drop of approximately 60% during the same period.
*This is not investment advice.