In a recent note, Standard Chartered Bank has urged that Bitcoin falling below the $60,000 mark Is a clear buying opportunity for investors. Indeed, the bank noted that the leading crypto is a clear hedge against economic crisis. Although it has not yet become a haven asset, it is still a powerful investment tool for traders.
The token struggled during the early days of October in a development that was contrary to expectations. Many predicted that BTC would thrive this month, touching its previous $70,000 2024 highs. Yet, macroeconomic factors and geopolitical tensions have driven the price down. Standard Chartered notes that could be good for some traders.
Also Read: Standard Chartered Now Offering Bitcoin Custody Services in UAE
Standard Chartered Says Bitcoin Below $60,000 ‘Should be Bought Into’
2024 has been huge for crypto as an industry. Leading the way has been Bitcoin, which has completely shifted perception, becoming a major investment asset throughout the year. That change was the catalyst for a price increase above a record of $73,000 earlier this year.
With the token still having high hopes of challenging that mark, it has faltered somewhat. The asset struggled mightily along with the entire industry throughout August and September. Moreover, it has fallen more than 6.9% in the last seven days, according to CoinMarketCap.
With the token currently trading at $60,600, Standard Chartered Bank has noted that Bitcoin’s fall below $60,000 is a key buying opportunity. In a note shared with Decrypt, the bank discussed the potential of the asset, and market conditions could be massive for some readers.
Also Read: Standard Chartered, JPMorgan Blockchain Payment Firm Raises $60M
The bank’s Global Head of Digital Asset Research, Geoff Kendrick, discussed its potential as a haven asset. Although it should not be counted on to hedge geopolitical risks, Kendrick notes that it is a good hedge against potential bank collapses, de-dollarization, and US Treasury concerns.
“Risk concerns related to the Middle East seem destined to push BTC below 60k before the weekend,” Kednirdk noted. However, he noted open interest in BTC options shows a circulatory that proves “the dip should be bought into.”
There has long been an expectation that the dip to start October would be temporary. Additionally, the bank highlights how the crypto could defend against impending US economic concerns. With recessionary fears and debt figures rising, Bitcoin could be a monumental player in the coming months.