Standard Chartered Bank predicts Bitcoin may further drop to $50,000

Standard Chartered Bank, a leading investment bank, stated in an email comment on Wednesday that Bitcoin has fallen below the $60,000 technical level, opening the way for further decline to the range of $50,000 to $52,000. The bank noted that there has been a continuous outflow of funds from the US Bitcoin exchange-traded funds (ETF) for the past five days, and the current trading price of BTC is lower than the average ETF purchase price of around $58,000. Analyst Geoff Kendrick wrote, “This means that more than half of the spot ETF positions are in trouble, so the liquidation risk of some of these positions must also be considered.” If Bitcoin reaches the range of $50,000 to $52,000 or if the US Consumer Price Index (a measure of inflation) is “friendly,” the bank suggests buying Bitcoin.