Standard Chartered Bank has said that Bitcoin may continue its recent fall to reach a price of $50,000. The asset has been one of the hardest hit of an ongoing market correction taking place this week. Over the last 24 hours, BTC has dropped more than 5% according to CoinMarketCap.
Currently, Bitcoin is trading at just above $57,000 which is a stark decline from its position a week ago. Moreover, the asset has fallen more than 11% since the highly-anticipated Bitcoin Halving event took place on April 20th. Subsequently, Standard Chartered notes that the fall could continue for the cryptocurrency leader.
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Standard Chartered Bank Says BTC Could Reach $50,000
Throughout 2024, Bitcoin has dominated much of the discourse in the finance sector. That is, in large part, due to the approval of Spot Bitcoin ETFs in the United States. Additionally, the year was set to be the site of the fourth-ever Bitcoin halving event in the history of the asset.
Although those circumstances led BTC to a $73,000 high in March, it has not had the most prosperous month. Subsequently, that only magnified over the last several weeks, with the market experiencing a notable downturn.
Now, Standard Chartered Bank has noted that Bitcoin could continue its drastic fall; plummeting to a $50,000 price.
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“BTCs proper break below $60K has now reopened a route to the $50-$52k range,” the bank’s head of forex and digital assets research Geoffrey Kendrick told The Block. “The driver seems to be a combination of crypto-secopecific and broader macro.”
The Spot ETFs in the United States observed a five-day period of consecutive outflows. Moreover, the recently launched Hong Kong Spot Bitcoin ETF products were received poorly amid their debuts.
These factors have all contributed to the price’s recent fall. Specifically, over the last month, it has declined in value by more than 17%. It will be interesting to observe whether or not the crypto-related issues affecting the price, and macroeconomic concerns, could be remedied in the short term. Therefore, it would prevent the asset from falling to the fate forewarned by Standard Chartered.