It Is Not Time to Buy Bitcoin Yet: Standard Chartered Predicts Further Downsides
Standard Chartered head of crypto research, Geoff Kendrick, has suggested that Bitcoin would extend recent losses, predicting a further 10% downtrend.Bitcoin, the pioneering cryptocurrency, continued its sideways trend today amid growing market skepticism. The premier asset reached an over three-month low after its intraday dump to $86,800, with altcoins looking weaker.Amid the chaos, prominent financial institution Standard Chartered has suggested that Bitcoin could see more downtrend days. Head of research Geoff Kendrick predicted that the asset could further correct by 10%.More Downtrend for Bitcoin?Kendrick noted that Bitcoin has fared well amid bearish market sentiments. He stated that the asset has performed relatively well but has faced intense sell pressure from the escalating Solana meme coin drama.For context, a recent analysis from on-chain sleuth ZachXBT shows that Bybit hackers may also be behind the amplifying Solana meme coin rug pulls. The analyst revealed that while Lazarus Group tried to launder funds from the Bybit hack through Pump.fun, they moved some of them to Solana wallets, which recently launched tokens and scammed investors in the past.Notably, the report tanked investor sentiments in the Solana network, which spread to the broader crypto market. As sentiments drop, Kendrick believes an additional 10% price decline for Bitcoin to the early $80,000s is possible.Declining US Treasury Yield Could Boost BitcoinHowever, Standard Chartered stated that a decline in the US Treasury yield could boost Bitcoin's price. For perspective, the US debt yield hit a low of 4.32% on Tuesday, its lowest since mid-December, amid slowed economic growth and higher inflation expectations.As a result, the worsening yield could push investors to divest and seek solace in assets like Bitcoin with better price performance. However, Kendrick noted that now is still not the best time to start buying the Bitcoin dip.The Standard Chartered executive attributed his assertion to likely outflows from US Bitcoin spot exchange-traded funds (ETFs). If economic skepticism forces investors to sell their Bitcoin ETFs, then Bitcoin would surely see lower prices.Meanwhile, Donald Trumps second son, Eric Trump, has called on crypto enthusiasts to buy the dip. His comment suggests that every Bitcoin price dump is a buying opportunity for long-term profitability.https://twitter.com/EricTrump/status/1894371171736408116In the meantime, Bitcoin trades at $87,516 down 4.4% in the past day.
Text source: The Crypto Basic
