It will hurt ? The bank Standard Chartered is Of the crypto-friendly type, and is even very optimistic in the long term for Bitcoin (BTC) she sees at $250,000 in 2025. But in the immediate future, its analysts admit that the king of cryptos could experience a severe correction. Until returning to the symbolic support of $50,000 ?
The short-term trend on cryptos is falling for Standard Chartered
Bad times for the crypto-asset market at the very beginning of May. Even the leader, Bitcoin fell sharply below $60,000descending as low as $56,750 this 1er May 2024.
A situation that makes bank market specialists say Standard Chartered that things could get worse first before returning to the green. So, Geoffrey Kendrickthe banking group’s head of currency and digital asset research, explains that Bitcoin could still go down a few thousand dollars before being able to touch the fund and lean on it.
“BTC’s move below $60,000 has reopened the path to the $50,000 to $52,000 range. (…) Engine [de cette chute] seems to be a combination of both crypto-specific reasons and more global macroeconomic reasons. (…) More than half of the positions taken on spot Bitcoin ETFs are now underwater, and the risk of liquidation of some of them must therefore be taken into account. »
Geoffrey Kendrick, chief analyst for Standard Chartered
Bitcoin condemned to return to $50,000, with the election of Trump to save the case?
If ETFs cause concern on the cryptocurrencies side, on the macroeconomic side, it is central bank interventionism of the United States which scares the markets (shares and cryptos). Apart if US inflation calms down againthere is a good chance that the Federal Reserve (the Fed) do not want not reduce its key rates – very high – before long.
“Of course, liquidity [sur les marchés] account, but with (…) a lower probability of Fed rate cuts (…) Bitcoin could return to the $50,000 to $52,000 range, unless [l’indice sur les prix à la consommation,] the American ICC of 15 [mai prochain] be favorable [ndlr : en indiquant une inflation en baisse]. »
Geoffrey Kendrick
Standard Chartered’s chief analyst, however, remains as optimistic for the longer term on Bitcoin. The forecasts of his experts and himself remains on a BTC at 100,000 dollars by then END 2024and a price peak at $250,000 during the year 2025. Especially in the event of victory Donald Trump, leading in the polls for the US presidential election :
“It may take a little longer now. But I think as we get closer to Trump’s victory, we can recover strongly between September and the end of the year. »
Geoffrey Kendrick
The head of research at Standard Chartered does not seem to want to imagine the possibility ofa re-election of Joe Bidenwho will have led a open war against Bitcoin and cryptocurrencies for 4 years. Well supported in this task by the man he appointed from the start of his mandate, Gary Genslerpresident of the DRY (Securities and Commission), of which anti-crypto abuses of power are only just beginning to be denounced. Geoffrey Kendrick probably prefers not to entertain this possibility, to which even the support of 50,000 dollars would not resist for Bitcoin?
