Market News

Standard Chartered Issues Cautious Outlook for Bitcoin Amid Market Turmoil

Standard Chartered's digital assets head, Geoff Kendrick, has identified crucial factors influencing Bitcoin's current standing as it hovers near $62,562, the lowest since February.

ETF outflows have surged, with U.S. spot ETFs losing $1.42 billion in just one week, marking the third-largest outflow historically.

Kendrick outlines three pivotal "ifs" that could lead Bitcoin to a new market low, focusing on macroeconomic influences rather than cryptocurrency-specific issues.

The first concern is whether ETF outflows continue to rise, potentially diminishing institutional support for Bitcoin.

The second potential trigger is if the Federal Reserve's upcoming meetings yield unexpectedly hawkish outcomes, affecting market sentiment.

Finally, a drop in Bitcoin dominance below the 52–54% range could signal broader sell-offs in the cryptocurrency market.

Despite these warnings, Kendrick maintains a positive long-term outlook, projecting Bitcoin could reach $100,000 by the end of 2026.

He highlights that Bitcoin is nearing its historical support levels, specifically its 200-week moving average, which has previously marked the end of bear markets.

In this context, Kendrick encourages investors to consider accumulating Bitcoin during this turbulent phase, suggesting that the worst may be nearing completion.

As the financial landscape evolves, the interplay of ETF flows, Fed policy, and market dynamics will ultimately define Bitcoin's trajectory in the coming weeks.