Summary
- Standard Chartered said it has revised down this year’s year-end target price for Bitcoin to $100,000 from $150,000.
- Standard Chartered said Bitcoin could fall to $50,000 before a full-fledged recovery, citing key risks including ETF outflows, a worsening macroeconomic environment, and delays in Federal Reserve rate cuts.
- Standard Chartered said it lowered its year-end target for Ethereum to $4,000 from $7,500, and flagged the possibility of a further drop to $1,400 before it reaches $4,000.
Forecast Trend Report by Period
Global investment bank (IB) Standard Chartered (SC) has lowered its Bitcoin (BTC) price target for this year.
According to Walter Bloomberg on the 12th (local time), Standard Chartered on the day cut its year-end Bitcoin target to $100,000 from $150,000. The bank also said Bitcoin could slide to as low as $50,000 before showing a full-fledged recovery. Walter Bloomberg noted this was the "second downward revision in the past three months."
It cited key risks for Bitcoin including exchange-traded fund (ETF) outflows, a deterioration in the macroeconomic backdrop, and delays in rate cuts by the Federal Reserve (Fed). Bitcoin is currently down more than 40% from its all-time high (ATH) posted in October last year.
Standard Chartered also sharply lowered its year-end target for Ethereum (ETH) to $4,000 from $7,500. It added that Ethereum could decline further to $1,400 before reaching $4,000.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
