Bitcoin’s price struggle may continue as Standard Chartered predicts further downside risks for the leading cryptocurrency. Standard Chartered Warns Bitcoin Could Fall Another 10% Before Recovering Geoff Kendrick, head of crypto research at Standard Chartered, suggested that Bitcoin could fall another 10%, potentially pushing prices below $80,000. Market Pressures and Solana Discussions Weigh on Bitcoin Bitcoin recently hit a three-month low of $86,800, adding to the uncertainty as broader market skepticism. Altcoins have also weakened, in part due to concerns surrounding Solana-based meme coins and their connection to a major Bybit exchange hack. According to on-chain analyst ZachXBT, hackers linked to North Korea’s Lazarus Group may have laundered stolen funds through Solana wallets and released fake tokens that defrauded investors. The Solana-related controversy has negatively impacted market sentiment, putting pressure on Bitcoin’s price. Despite these challenges, Kendrick noted that Bitcoin has held up relatively well given the broader bearish environment. However, he warned that outflows from U.S. spot Bitcoin ETFs could lead to further price declines. Could Falling US Treasury Yields Buoy Bitcoin? One potential bullish catalyst for Bitcoin is the falling yield on U.S. Treasury bonds. On Tuesday, the yield on the 10-year U.S. Treasury note fell to 4.32%, its lowest level since mid-December. Further declines in bond yields could drive investors to alternative assets like Bitcoin, which have historically benefited from lower bond yields and inflationary concerns. Still, Kendrick remains cautious, warning that it may not be the right time to buy Bitcoin just yet. He argues that ETF outflows and weak market sentiment could drag Bitcoin lower before a recovery. Trump Family Calls to “Buy the Drop” Meanwhile, Eric Trump, son of former US President Donald Trump, encouraged crypto investors to “buy the dip.” Trump’s comments suggest confidence in Bitcoin’s long-term profitability despite its short-term volatility. *This is not investment advice. Continue Reading: Bitcoin Warning from Financial Giant Standard Chartered! Will the Decline Continue? Here Are the Details
