
tl;dr
Bitcoin, the leading cryptocurrency, is expected to remain under bearish pressure by banking giant Standard Chartered. The analysts believe it could plunge lower after breaking below the $90,000 level, predicting it could bottom out near $80,000. Bitcoin recently collapsed to a three-month low of $8...
Standard Chartered, a banking giant, has issued a bearish warning for Bitcoin, indicating that the leading cryptocurrency may experience further downward pressure after breaking below the crucial $90,000 level. The analysts predict that Bitcoin could potentially bottom out near the $80,000 level. This cautionary stance comes after Bitcoin plummeted to a three-month low of $86,867, causing over $1.5 billion in liquidations. The cryptocurrency's rally lost momentum following the Federal Reserve's adoption of a more hawkish tone in December.
Prior to this bearish warning, Standard Chartered had made bullish predictions for Bitcoin, including the possibility of reaching $500,000 in the long term. This shift in outlook underscores the dynamic and volatile nature of the cryptocurrency market, where predictions can change rapidly based on market conditions and external factors.
It's important to note the contrasting perspectives within the financial industry, with Bank of America's CEO, Brian Moynihan, expressing a belief that the Fed may refrain from hiking interest rates this year. These varying opinions and analyses contribute to the nuanced and multifaceted nature of cryptocurrency and stock market discussions, highlighting the complexity of making projections in these fast-evolving landscapes.