Standard Chartered A report by the bank included an estimate of the price of Bitcoin. According to the bank’s report, there is a possibility of a sharp drop in BTC price. As a matter of fact, this sharp decline will not create a result that will wipe out blockchain-based projects.
The report published by Standard Chartered included a sharp fall forecast for the Bitcoin price. According to Eric Robertsen, Head of Research, if the possible scenario materializes, the BTC price could lose 70% of its value. A 70% drop from the current price means a drop to the $5000 levels.
Will Bitcoin Price Take a Sharp Fall?
As we have reported as Koinfinans.com bitcoinWhile breaking a record with $ 69,000 in November 2021, it lost 63% of its value from that level. In the report, although BTC sales slowed down, the end of the damage was reached.
including Bitcoin. cryptocurrency The declines in the market caused many companies to go into crisis. This picture has shaken the confidence of many investors. As this vicious circle spread insecurity, more companies went bankrupt, so the price of Bitcoin depreciated.
Although this kind of pricing is included in the report with a ‘surprise’ note, it is included in the possibility. According to the overall interpretation of the report, the market has shaped prices to a large extent. Therefore, no further damage can be taken.
Macroeconomic developments, which are closely related to the crypto money market, are still quite active. Although the latest statements by the FED are that the rate hike will slow down, different possibilities remain.
According to Robertson, any drastic moves will be described as ‘surprise’ from now on. The reason for this is that such scenarios take place in a place contrary to market logic or fundamental views.
In addition to the fact that Standard Chartered sees Bitcoin’s decline as unlikely, blockchain It was commented that based digital assets will remain strong. JPMorgan has shown a similar interest in the technology, drawing attention to regulatory movements.
With the collapse of the FTX stock market, there was an increase in the activity of crypto money regulations in many countries, especially the USA.
MicroStrategy founder Michael Saylor is one of those who believe that the industry will grow with regulations. Rival investment bank Goldman Sachs is also looking to invest in crypto firms after the collapse of FTX.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.