Bitcoin price prediction by Standard Chartered
Standard Chartered predicts that Bitcoin price could fall to around $50,000 after falling below $60,000. Currently, Bitcoin is trading below $57,000 after previously reaching above $70,000. Standard Chartered's Geoffrey Kendrick attributes this downward move to several factors, including outflows from US spot Bitcoin ETFs, a slow start for Hong Kong spot ETFs, and deteriorating liquidity conditions in the US affecting risk assets like Bitcoin.
Outlook from Standard Chartered
Despite the short-term bearish outlook, Kendrick and Standard Chartered remain optimistic about the future. The bank has raised its Bitcoin price target to $150,000 for the end of 2024 and suggests it could rise to $250,000 by 2025. They expect the next significant rally to occur after the 2024 US elections. Worrying arrests of well-known figures in the cryptocurrency space could also contribute to the negative market sentiment.
Retreat in Bitcoin price and market development
However, this pullback in Bitcoin price also follows a period of seven consecutive months of gains, suggesting a need for market consolidation. Meanwhile, mainstream adoption of Bitcoin continues to grow, highlighted by significant initial inflows into US spot ETFs. Slow initial volume in Hong Kong ETFs is also expected to stimulate significant institutional demand over time.
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