Bitcoin could fall to as much as $50,000, says Standard Chartered Bank

According to Standard Chartered Bank, the price of Bitcoin could fall further to as much as $50,000 (about 7.8 million yen).
According to cryptocurrency media outlet The Block, on the 1st (local time), Standard Chartered Bank
The price of Bitcoin has fallen below $60,000 (about 9.3 million yen) and is fluctuating between $57,000 (about 8.8 million yen), so it is expected to rise further to around $50,000 (about 7.8 million yen).
Jeffrey Kendrick, head of digital asset research at Standard Chartered Bank, said in a statement to the media that "Bitcoin is likely to fall to $6.
"The price has now fallen to below $50,000, and the path to the $50,000-$52,000 range has now reopened."
He said that the price drop had led to five consecutive days of losses for the Bitcoin exchange-traded fund (hereinafter referred to as ETF) approved in the United States.
He pointed to capital outflows occurring in the cryptocurrency market and the lackluster response to the recent launch of a Bitcoin and Ethereum ETF in Hong Kong.
"More than half of the physical ETF positions are underwater, so we have to consider the risk of some liquidation," he said.
Meanwhile, Standard Chartered Bank predicted last month that Bitcoin could rise to $150,000 by the end of 2024.