Bitcoin, the leading cryptocurrency, is expected to remain under bearish pressure by banking giant Standard Chartered.
Its analysts now believe that the cryptocurrency could plunge lower after recently breaking below the pivotal $90,000 level.
Standard Chartered has predicted that Bitcoin could bottom out near the $80,000 level.
Earlier today, Bitcoin collapsed to a three-month low of $86,867, breaking below key support levels.
Meanwhile, the cryptocurrency market has recorded more than $1.5 billion worth of liquidations.
Bitcoin’s rally seemingly lost its momentum after the Fed seemingly adopted a more hawkish tone in December.
Bank of America CEO Brian Moynihan has predicted that the Fed would refrain from hiking interest rates this year.
The data provided by prediction market Kalshi shows now shows that the largest cryptocurrency could bottom out
Bullish forecasts
Prior to this, Standard Chartered came up with rather bullish predictions for 2025. As reported by U.Today, it predicted that Bitcoin could reach this milestone as soon as this year.
The bank has also predicted that Bitcoin could skyrocket to as much as $500,000 in the long term.
Source: https://u.today/standard-chartered-issues-bearish-bitcoin-warning-after-disastrous-drop