Bitcoin's break below $58,000 on Wednesday clears a path for it to fall as low as $50,000, Standard Chartered said in new research.
The crypto's decline has been driven by rising ETF outflows and falling US liquidity levels.
AdvertisementDeteriorating conditions are denting the Bitcoin rally, with this week's drop below $60,000 putting it en route for an even lower price range.
According to commentary from Standard Chartered, the apex token could temporarily reach as low as $50,000, signaling an over 13% drop from current levels.
Among these are shrinking investments in spot bitcoin ETFs, funds that first sparked the rally at the year's start.
Persons:
—, Geoff Kendrick, Kendrick, Mike Novogratz, he's
Organizations:
Chartered, outflows, Service, Standard Chartered, FX
Locations:
Hong Kong