Standard Chartered Bank: Bitcoin will fall towards $50,000! It would be a good time to add more money

This site (120bTC.coM): Standard Chartered said that Bitcoin fell below the key technical level of $60,000, which set the stage for a further drop to $50,000 to $52,000. The range is foreshadowing, and it is expected to be a good time to increase buying.

The bank believes that this decline is mainly affected by overall economic headwinds, coupled with reduced liquidity, which has led to pressure on risky assets such as cryptocurrencies. At press time, Bitcoin was trading at $57,262, down 4.47% in the past 24 hours.

Standard Chartered Bank reported that the U.S. Bitcoin spot ETF has been bleeding money for five consecutive days, and the current trading price of Bitcoin is lower than the average entry price of spot ETFs, which is about US$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 ETF positions must also be considered."

The bank pointed out that surrounding Hong Kong The news on the listing performance of the Bitcoin spot ETF is also not ideal, because the focus of the outside world is almost all on the "first-day trading volume of US$11 million" rather than the "good net asset status of the new ETF".

The report also mentioned that risky assets such as cryptocurrencies that thrive on liquidity are also facing increasing overall economic headwinds. The report noted that broader U.S. liquidity measures have deteriorated sharply since mid-April.

If Bitcoin falls to around US$50,000 to US$52,000, or if the U.S. Consumer Price Index (CPI) released on May 15 “results ideal,” Standard Chartered Bank recommends that it be considered at that time Buy Bitcoin.

Standard Chartered Bank is still optimistic about the performance of the currency market at the end of the year. It issued a report last month stating that Ethereum will rise to US$8,000 by then, while Bitcoin will reach US$150,000.

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