Standard Chartered Bank Analyst: Bitcoin Expected to Continue Downtrend, Price Impact by Spot ETF Selling Pressure

BlockBeats News, February 26th, Geoff Kendrick, Cryptocurrency Research Director at Standard Chartered Bank, stated that Bitcoin will continue its recent decline, with a further 10% drop expected.

Kendrick added that the decline in US Treasury yields may boost Bitcoin's price. In the long term, against the backdrop of slowing economic growth and rising inflation expectations, US Treasury yields hit a low of 4.32% on Tuesday, the lowest level since mid-December. Falling yields may prompt investors to withdraw capital and seek assets with better price performance, such as Bitcoin, but now is not the best time to buy Bitcoin. This is because a US Bitcoin spot ETF may experience outflows. If economic skepticism forces investors to sell their Bitcoin ETF, then Bitcoin's price will certainly fall.

BlockBeats previously reported that yesterday the US Bitcoin spot ETF saw a net outflow of $9.35 billion, marking the highest outflow since its launch. In February, the US Bitcoin spot ETF has seen a total outflow of $24.15 billion, setting a monthly record for net outflows.

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An inventory of institutions’ predictions on BTC’s subsequent trend: Will the price double or halve?

1. Bitcoin price enters a range of fluctuations after halving, and the market is divided on its rise and fall. 2. The positive view is that the market value of Bitcoin will exceed that of gold, and the price is expected to reach $1 million, or even $4 million after 2028. 3. The negative view is that the price of Bitcoin may fall back to $30,000 or lower. 4. The neutral view is that the price of Bitcoin will fluctuate in the range of $60,000-70,000 until August. 5. Long-term bullish, the bull market may not be over yet, and the price of Bitcoin will be affected by events such as the Fed's interest rate cut and the US election.

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