Not Time To Buy Yet? Bitcoin Faces Pressure As Standard Chartered Predicts Further 10% Drop
Early this morning, Bitcoin (BTC) was at a low price of $86,888 per year as the broader market economy fell. according to data Starting from Coinglass, the cryptocurrency market sell-off has resulted in liquidation sales of more than $1.5 billion in the past 24 hours, affecting 394,944 traders.
What are the more disadvantages of Bitcoin?
In trading in the $90,000 range in a few weeks, BTC fell to $86,888 on Binance Cryptocurrency Exchange, marking the lowest point this year. The Prime Minister’s cryptocurrency has dropped by 7.6% in the past 24 hours.
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Similarly, other major cryptocurrencies have suffered a sharp decline. Ethereum (ETH) fell 10.5%, XRP fell 14.5%, while Solana (Sol) fell 18.2% in the past 24 hours. Meanwhile, the cryptocurrency market capitalization shrank by 9%, falling from $3.3 trillion in the same period to $3.01 trillion.
Despite the sharp decline in the market, the worst thing is that BTC may not be over yet. according to For Geoff Kendrick, global head of digital assets research for standard charter flights, Bitcoin can still see further losses.
Kendrick noted that despite BTC’s performance “relatively good”, flagship cryptocurrencies are still stuck in a wider market sell-off, driven in part by Solana-based Meme Coins. He warned that another 10% drop could be coming, potentially reducing the price of Bitcoin to $80,000.
Macroeconomic uncertainty is encrypting
Additionally, Kendrick stressed that while the decline in U.S. fiscal yields may ultimately benefit BTC, the massive outflow from Bitcoin Spot Exchange Trading Funds (ETFs) suggests that “it’s not to be purchased yet.”
In addition to the crypto market recession, U.S. President Donald Trump reiterated yesterday that his proposed trade tariffs on Canada and Mexico will take effect on March 4. As a result, the stock market is expected to open today, increasing pressure on risky assets such as cryptocurrencies.
The uncertainty in the stock market is expected to spill over into the digital asset space, which could lead to deeper times in cryptocurrencies. At the time of writing, the Crypto Fear and Greed Index has dropped to a low of 25, marking the “extreme fear” in the market.
Bitcoin’s recent price breakdown coincides with earlier predictions by experienced crypto analyst Ali Martinez predict If the BTC discount is below $93,400, you may experience significant volatility.
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In addition to the recent price action, other warning signs from BTC indicate reduce Network activity may indicate a weaker overall interest in asset classes. But despite these headwinds, Bitcoin continues Outperform the market Traditional asset classes and other gold and stocks.
That is, many industry leaders are still bullish on Bitcoin, viewing the current macroeconomic environment as “Generation Opportunities“Accumulate BTC. At press time, BTC was trading at $88,150, down 7.6% in the past 24 hours.
Featured images from Unsplash, charts from TradingView.com
