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Standard Chartered Analyst Predicts Bitcoin Will Drop Below $60,000

🚀 Stay Ahead with AltcoinDaily.co! 🌐 According to a recent analysis by Standard Chartered analyst Geoffrey Kendrick, geopolitical uncertainties are adding volatility to the cryptocurrency market, with...

Standard Chartered Analyst Predicts Bitcoin Will Drop Below $60,000

🚀 Stay Ahead with AltcoinDaily.co! 🌐

According to a recent analysis by Standard Chartered analyst Geoffrey Kendrick, geopolitical uncertainties are adding volatility to the cryptocurrency market, with Bitcoin facing the possibility of a sharp decline below the $60,000 mark. As such, Kendrick believes these risks could present a valuable buying opportunity for investors who remain bullish on Bitcoin in the long term.

BTC Price Drops Could Present Buying Opportunity for Investors 

While Bitcoin has long been considered a hedge against inflation and economic turmoil, short-term market reactions to global events may cause significant price fluctuations. However, he views this potential downturn as a temporary setback rather than a sustained bearish trend. In addition to assessing these risks, Kendrick pointed to notable developments in Bitcoin’s options market. 

He observed a significant increase in call option positions for Bitcoin, specifically for the $80,000 strike price expiring on December 27, 2024. The rise in open interest for these call options suggests that many traders remain optimistic about Bitcoin’s price recovery. They expect it to rebound from any short-term dips and reach new highs by the year-end.

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Kendrick emphasized that while geopolitical risks could drive Bitcoin’s price lower in the near term, the long-term fundamentals for the cryptocurrency remain strong.  As the market navigates these risks, Kendrick’s analysis underscores the importance of staying informed.

Bitcoin’s Trajectory in 2025

In March, Geoffrey clarified that for Bitcoin to reach the 20% allocation suggested by portfolio optimization, its price would have to increase to $190,000, assuming the gold price remains constant. The current price of Bitcoin is hovering around the $60,753.80 mark.

Yet, the bank anticipates Bitcoin could exceed this goal if spot Bitcoin ETF inflows meet their estimated midpoint of $75 billion or if foreign exchange reserve managers start acquiring Bitcoin. Under these circumstances, analysts envision Bitcoin’s price could potentially hit $250,000 sometime in 2025.

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Several Market Factors Affect Bitcoin Valuation

Recall that, an analysis by Standard Chartered Bank reported that Bitcoin’s value might face further decline, possibly plummeting to $50,000. BTC has experienced significant fluctuations in its price over the past year. After reaching all-time highs, the digital asset encountered notable corrections, causing corrections concerns among investors and analysts alike.

Meanwhile, the assessment by the bank is based on several market indicators and fundamental factors affecting Bitcoin’s valuation. According to Geoffrey, the consecutive outflows from the US Spot Bitcoin ETFs and the average ETF purchase price below $58,000 could bring about liquidation. Likewise, regulatory developments, macroeconomic conditions, and investor sentiment could contribute to further price corrections.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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