In the fast-paced world of crypto, the value of Bitcoin is taking a tumble, according to a report from Standard Chartered. The report predicts that Bitcoin may plummet further to as low as $50K. This downward trend comes as Bitcoin is currently trading below the average spot ETF purchase price of around $58K. The gap between the current price and the average purchase price could potentially lead to a cascade of liquidations in the market.
Standard Chartered’s analysis highlights the vulnerability of Bitcoin to significant price fluctuations, raising concerns among investors. The possibility of Bitcoin dropping to $50K raises eyebrows and prompts caution among those involved in the crypto market.
With the unpredictability of the crypto market, investors are advised to keep a close eye on the situation and brace themselves for potential tumultuous shifts in Bitcoin’s value. As the crypto rollercoaster continues its ride, only time will tell if Bitcoin will indeed see a further dip to $50K or if it will rebound and defy the odds once again.
