Standard Chartered Sounds the Alarm: Bitcoin’s Downside Risk Looms Large!
Standard Chartered is waving a big red flag! The banking giant just dropped a bombshell, warning that Bitcoin could take a nosedive to between $69,000 and $76,500 this week. After a brutal week that saw BTC sink to a three-month low of $86,800, the fear is real and it’s not over yet.
What’s sparking this panic? Geoffrey Kendrick, the bank’s head of digital asset research, points to massive ETF outflows, nearly $1 billion on February 25 alone and a growing pile of hedge fund short positions. “The market is weak, and there is no weekend break to catch a breath,” Kendrick lamented. He is even drawing parallels to August 2024, when panic selling slashed Bitcoin below $50,000. Déjà vu, anyone?
X is buzzing with reactions, some traders are bracing for impact, while others scoff, calling it “institutional FUD.” But with BTC already wobbling below $90,000, Standard Chartered is not mincing words: this could get ugly. Will the HODLers hold the line, or are we in for a crypto bloodbath? Stay tuned this rollercoaster is just getting started!
