Leading international cross border bank, Standard Chartered has predicted steep price declines for Bitcoin, foreseeing a pessimistic future outlook for the pioneer cryptocurrency amidst broader market downturn.
Bitcoin Could Plummet To $50,000
As of writing the price of Bitcoin is trading above $59,000, according to CoinMarketCap. The cryptocurrency has been experiencing massive price drops after the Bitcoin halving on April 20, 2024, further exacerbated by the Federal Reserve’s (FED) decision to keep interest rates unchanged during the Federal Open Market Committee (FOMC) meeting On Wednesday, May 1.
Standard Chartered bank has cautioned investors of more price drops in the future, predicting that Bitcoin’s price could settle between $50,000 and $52,000, recording more than $20,000 loss from it’s all time high of over $73,000 in March, 2024. This new forecast follows the bank’s previous projection which anticipated Bitcoin rise to $150,000 by the end of 2024.
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