As the leading cryptocurrency Bitcoin fell to $91,500 levels with the pullback it experienced today, investors are wondering whether the decline will continue.
At this point, new estimates came from Standard Chartered.
According to Walter Bloomberg, Standard Chartered analyst Geoff Kendrick stated in a note to his clients that Bitcoin could continue its declines in the near term.
Stating that the decline in Bitcoin may continue in the short term, Kendrick said that BTC may fall below $88,000 in these declines.
However, Standard Chartered said that previous Bitcoin predictions are still valid and that BTC could reach $125,000 by the end of the year and $200,000 by 2025.
The analyst noted that there has been a large increase in Bitcoin purchases by ETFs and Microstrategy since the US presidential election, with the average price of these purchases being $88,700.
At this point, Kendrick noted that considering the average buying price, he expects Bitcoin to drop below the $88,700 level before the current pullback ends.
“Based on the average purchase price, we recommend buying Bitcoin at levels between $85,000 and $88,700.
Despite the short-term declines, we predict Bitcoin will reach $125,000 by the end of this year and $200,000 by the end of 2025.”
Bitcoin fell 4.6% in the last 24 hours, dropping to $92,500.
*This is not investment advice.