Investment bank Standard Chartered has lowered its short-term and annual price forecasts for major cryptocurrencies, citing ongoing downside risks caused by outflows from exchange-traded funds (ETFs) and a challenging macroeconomic environment putting pressure on the market, coindesk.com writes.
The bank now expects bitcoin, which is currently quoted at $66,782.21 to fall to around $50,000 in the coming months, while ether, at $1,935.41, could bottom out around $1,400.
Jeff Kendrick, head of digital asset research at Standard Chartered, said the sell-off in recent weeks could continue as investors in ETFs, many of which are at a loss, are more likely to cut exposure than “buy on the dip”.
Earlier, prominent cryptocurrency market analyst Eric Crown said bitcoin could fall to even lower levels – potentially to the $50,000-$60,000 area – before stabilizing.
