Bitcoin Faces Potential Further Decline Amid Macro-Driven Sell-Off
Bitcoin and other digital assets have declined due to a macro-driven sell-off, as noted by Standard Chartered. The downturn followed remarks from Federal Reserve Chairman Jerome Powell in mid-December.
- Investors who bought Bitcoin post-U.S. elections are currently breaking even.
- Risk of forced selling could exacerbate market weakness.
- Key level for Bitcoin is $90,000; a drop below this could lead to a retracement to the low $80,000s.
- Standard Chartered projects Bitcoin could reach $200,000 by year-end, driven by institutional inflows.
The bank recommends buying Bitcoin after the current retracement concludes.