Standard Chartered: Bitcoin Market is Improving

Standard Chartered Bank has revised its short-term prediction for Bitcoin, anticipating a bounce back from a recent low of $56,500.

This is a change from last week’s forecast, which projected the cryptocurrency to drop into the $50,000-$52,000 range.

According to Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered, the improvement in the market is due to the Federal Reserve’s less hawkish rates announcement and a positive US jobs report.

Kendrick also noted that there has been a significant increase in inflows to US-based spot Bitcoin ETFs, as well as Hong Kong ETFs. He further highlighted the unsustainable path of US government debt and deficits, which he believes will lead to increased interest in digital assets as alternative investments.