Share this article
Bitcoin Could Drop Further to as Low as $50K, Standard Chartered Says
The cryptocurrency is now trading below the average spot ETF purchase price of about $58K, and this could trigger liquidations, the bank said in a report.
Updated May 1, 2024, 2:39 p.m. Published May 1, 2024, 2:37 p.m.
- Bitcoin could target $50K-$52K on the downside, Standard Chartered said.
- The bank said bitcoin is now trading below the average spot ETF purchase price of $58K.
- Risk assets like crypto are feeling the pinch due to rising macro headwinds and falling liquidity.
Bitcoin’s breakdown through the $60K technical level opens the way for another move lower to the $50K-$52K range, investment bank Standard Chartered said in emailed comments on Wednesday.
The driver of the move lower seems to be a combination of crypto specific factors and macro influences, the bank said. Bitcoin was trading 6% lower at around $57,200 at publication time.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
There have now been five consecutive days of outflows from U.S. spot bitcoin exchange-traded funds (ETFs), the bank noted, and BTC is currently trading below the average ETF purchase price of about $58K.
“This means that more than half of the spot ETF positions are under water and so the risk of liquidation of some of them must be considered as well,” analyst Geoff Kendrick wrote.
The bank notes that headlines around the Hong Kong spot ETF launch were also poor, as attention was focussed on the turnover volume of $11 million “rather than the net asset position of the new ETFs which was pretty good.”
Risk assets such as cryptocurrencies, which thrive on liquidity, are also facing increasing macro headwinds, the bank said. It noted that broader liquidity measures in the U.S have deteriorated sharply since mid-April.
The bank advises buying bitcoin if it reaches the $50K-$52K range or if U.S. CPI on the 15th, a measure of inflation, is “friendly.”
Read more: Bitcoin ETF Slowdown Is a Short-Term Pause Not the Beginning of a Negative Trend: Bernstein
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
