Summary
- Standard Chartered said it lowered its year-end Bitcoin target for this year from $150,000 to $100,000.
- Standard Chartered said Bitcoin could fall to $50,000 before a full-fledged recovery.
- Standard Chartered said it cut its year-end Ethereum target from $7,500 to $4,000 and suggested it could drop further to $1,400 before then.
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 the previous $150,000. The bank also said Bitcoin could drop to $50,000 before a full-fledged recovery takes hold. Walter Bloomberg noted it was the “second downward revision in the past three months.”
The bank cited key risks for Bitcoin as outflows from exchange-traded funds (ETFs), a deterioration in the macroeconomic backdrop, and delays in rate cuts by the Federal Reserve (Fed). Bitcoin is currently down more than 40% from the record high (ATH) set in October last year.
Standard Chartered also sharply lowered its year-end target for Ethereum (ETH) to $4,000 from the previous $7,500. It further said Ethereum could slide to $1,400 before reaching $4,000.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
!["AI will encroach on every industry" fears send all three major indexes lower [New York market briefing]](https://media.bloomingbit.io/PROD/news/3b5be3da-d32a-498a-b98d-c444f93c3581.webp?w=250)
