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<a href="https://bitcoinworld.co.in/bitcoin-faces-potential-further-decline-to-50000-says-standard-chartered-bank/" title="Bitcoin Faces Potential Further Decline to $50,000, Says Standard Chartered Bank" rel="noopener noreferrer nofollow"></a>
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 <li style="font-weight: 400">Standard Chartered Bank has warned that the recent drop in the price of Bitcoin (BTC) below the $60,000 mark could be the beginning of a more significant decline in the near future.</li>
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<h3 id="span-style-font-weight-400-bitcoin-faces-potential-further-decline-to-50-000-says-standard-chartered-bank-span">Bitcoin Faces Potential Further Decline to $50,000, Says Standard Chartered Bank</h3>
Standard Chartered Bank has warned that Bitcoin’s recent drop below the $60,000 mark could be the beginning of more significant losses in the near future.&nbsp;
Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered Bank, <a href="https://www.theblock.co/post/291908/standard-chartered-bitcoin-price-fall-50000" rel="noopener noreferrer nofollow">expressed</a> concerns about the leading cryptocurrency’s price trajectory, stating that the breach of the $60,000 support level opens the path for a potential decline to the $50,000 to $52,000 range.
Kendrick attributed the downward pressure on Bitcoin to a combination of factors. Firstly, he pointed out that there have been five consecutive days of outflows from U.S. spot Bitcoin exchange-traded funds (ETFs).&nbsp;
Additionally, the launch of spot Bitcoin and Ether ETFs in Hong Kong received a lackluster response, contributing to the overall negative sentiment.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/bitcoin-hasnt-hit-the-bottom-yet-says-standard-chartered/" aria-label="“Bitcoin Hasn’t Hit the Bottom Yet, Says Standard Chartered” (Edit)" rel="noopener noreferrer nofollow">Bitcoin Hasn’t Hit the Bottom Yet, Says Standard Chartered</a>
The outflows from U.S. spot Bitcoin ETFs, combined with the average purchase price currently being below $58,000, raise the risk of liquidation for some ETF positions, according to Kendrick.&nbsp;
He noted that more than half of the spot ETF positions are underwater, further fueling the potential for liquidation.
Kendrick also highlighted broader macroeconomic factors impacting Bitcoin’s price dynamics.&nbsp;
The deterioration of liquidity measures, particularly in the United States since mid-April, has affected various assets, including cryptocurrencies. As liquidity tightens, it puts downward pressure on risk-on assets like Bitcoin.
While Standard Chartered Bank previously raised its Bitcoin price prediction targets for 2024 and 2025 to $150,000 and even $250,000, respectively, Kendrick maintains these targets.&nbsp;
He believes that a price recovery may take some time but anticipates a potential rally towards the lead-up to the U.S. presidential election.
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Bitcoin Faces Potential Further Decline to $50,000, Says Standard Chartered Bank

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