Bitcoin seen falling as low as $69,000 as ‘panic selling’ risk continues

Bitcoin fell beneath $79,000 connected Friday, but the crypto wipeout isn’t implicit yet.

That’s according to Geoffrey Kendrick, caput of crypto probe astatine UK slope Standard Chartered.

He told DL News connected Friday greeting that helium expects the apical cryptocurrency to autumn betwixt $69,000 and $76,500 earlier it bounces back.

The comments came connected the backmost of a Friday probe note, wherever helium predicted that Bitcoin would proceed to autumn adjacent arsenic the terms sunk beneath $79,000 that day.

Kendrick rejected the thought that Bitcoin would retrieve its mislaid crushed implicit the weekend.

“I uncertainty it,” Kendrick wrote successful the note. “Weekend hazard for those agelong equity futures [is] apt a vocation ending prime these days. So a rally into the play seems unlikely.”

He referred to traders’ agelong positions successful Bitcoin exchange-traded funds, which Kendrick said “remain astatine hazard of panic selling.”

This week, cryptocurrencies mislaid 13% — oregon astir $450 cardinal — of their full marketplace value. The marketplace is present worthy $2.7 trillion, down $1.2 trillion from its December high.

Trump’s menace to enforce tariffs against Canada, Mexico and China connected March 4 has been attributed arsenic the main operator down this week’s wipeout.

Other potential factors exacerbating the clang see a drawstring of memecoin scandals, the $1.5 cardinal Bybit hack, and Federal Reserve policy.

Kendrick is not the lone 1 who said the bottommost is inactive immoderate ways off. On Wednesday, Alex Thorn, apical expert astatine Galaxy Research, suggested that Bitcoin could driblet arsenic debased arsenic $74,000.

To beryllium sure, marketplace watchers person besides suggested that the wipeout is lone temporary. Both Bernstein and Standard Chartered inactive spot a Bitcoin terms of $200,000 connected the horizon.

They person reasons to beryllium bullish.

Trump’s tariffs may’ve exacerbated the crash, but his promises to unbend crypto laws are seen arsenic a imaginable boon for the industry.

Following Trump’s predetermination win, galore lawmakers enactment bills designed to bolster innovation.

Moreover, altcoin ETFs look progressively imaginable to beryllium greenlit, fintechs support creeping into the industry, and institutions stay excited astir integer assets, marketplace watchers archer DL News.

Eric Johansson is DL News’ News Editor. Got a tip? Email astatine [email protected].