Standard Chartered predicts that Bitcoin prices may fall to around $50,000

ChainCatcher news, Standard Chartered Bank stated that as the price of Bitcoin falls below the $60,000 mark and currently hovers around $57,000, it may further drop to around $50,000.

Geoffrey Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, said on Wednesday, "The Bitcoin price has fallen below $60,000, which has now reopened the path to the $50,000-$52,000 range. The driving factors seem to be a combination of cryptocurrency-specific issues and broader macro factors."

Kendrick noted that concerns regarding cryptocurrencies include the outflow of funds from the U.S. Bitcoin spot ETF for five consecutive days, as well as the market's poor reaction to Hong Kong's launch of Bitcoin and Ethereum spot ETFs.

Kendrick stated that with the continuous outflow of funds from the U.S. Bitcoin spot ETF, the average purchase price of the ETF is currently below $58,000, posing a risk of liquidation. "More than half of the spot ETF positions are in a loss state, so the risk of some of these positions being liquidated must also be considered."