Bitcoin May Continue Down to $50,000
Bitcoin (BTC) experienced a 7.0% decline this week, dropping to $58,880. On Wednesday, it briefly fell to $56,537 before attempting to reclaim the $60,000 resistance level. However, failure to surpass this hurdle could lead to further downside, with a potential retreat to $50,000. Spot Bitcoin-ETFs have witnessed net outflows for the second consecutive week, signaling ongoing investor caution. Standard Chartered has highlighted additional downside risks, suggesting a possible correction to $50,000-52,000 per coin. Despite this, it maintains its target prices for BTC at $150,000 by the end of 2024.
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