Standard Chartered: "Bitcoin may fall further to between $69k-$76k over the weekend"
Summary
- Standard Chartered forecasts that Bitcoin (BTC) is likely to fall further to $69,000-$76,500 over the weekend.
- Head Kendrick indicated this correction presents a buying opportunity, expressing willingness for buying at lower prices.
- Analysis suggests selling pressure may continue due to Bitcoin trading below $80,000 and substantial ETF net outflows.
Global bank Standard Chartered forecasts that Bitcoin (BTC) is likely to experience additional declines over the weekend.
According to cryptocurrency media The Block on the 28th, Geoff Kendrick, Head of Digital Asset Research at Standard Chartered, stated, "Bitcoin is likely to fall to the range of $69,000-$76,500 by the weekend or Monday."
He also suggested buying at lower prices, saying, "I would be willing to buy at this level of correction."
Kendrick noted, "Bitcoin trading below $80,000 could indicate that the current selling pressure is not yet over," and predicted that "ETFs are likely to experience another round of significant net outflows." Previously, on the 25th, Bitcoin spot ETFs saw net outflows exceeding $1 billion in a single day.
He continued, "Some interpret ETF net outflows as being due to the liquidation of 'cash and carry trade' positions, but this alone doesn't adequately explain the ETF fund outflows," adding, "It's more likely that hedge funds increasing their short positions on Bitcoin is the main cause."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
