- Banking giant Standard Chartered has made a short-term analysis change for Bitcoin (BTC).
- Standard Chartered analysts wrote last week that the Bitcoin price could bottom out in the range of 50,000-52,000 dollars.
- In their newly prepared report, analysts said, “Things are going well and we probably saw the bottom at 56,500 dollars on May 1st.”
Standard Chartered changes its short-term analysis for Bitcoin, predicting a possible bottom at $56,500. The banking giant sees a positive future for digital assets amidst the US’s unsustainable debt and budget deficit.
Standard Chartered’s Revised Bitcoin Analysis
Standard Chartered, a major player in the banking industry, has made a significant change in its short-term analysis for Bitcoin. Last week, analysts from the bank suggested that Bitcoin’s price could hit a low in the range of $50,000-$52,000. However, in a recent report, they expressed a more optimistic outlook, stating, “Things are going well, and we probably saw the bottom at $56,500 on May 1st.”
US Debt and Digital Assets
Geoff Kendrick, the Head of FX and Digital Asset Research at Standard Chartered, revealed that their views changed following announcements made by the Federal Reserve last week. Kendrick pointed out that the US’s debt and budget deficit are on an unsustainable path, suggesting that US bonds could move along a steeper line. He believes that such a scenario would be quite supportive for digital assets as investors will turn to alternative assets.
Impact of US Elections on Digital Assets
Speaking about this year’s US elections, Kendrick stated, “When we look at what the US elections in November mean for digital assets, we think that a second term for the Trump administration would generally be positive as it would create a more supportive legal environment.”
Conclusion
Standard Chartered’s revised analysis for Bitcoin and its positive outlook for digital assets amidst the US’s financial situation provide valuable insights for investors. As the US continues to grapple with its debt and budget deficit, the shift towards digital assets could potentially intensify, offering a promising future for Bitcoin and other cryptocurrencies.
