Bitcoin Price Outlook: Further Decline Expected Amid Record ETF Outflows and Economic Skepticism

In a recent analysis, Geoff Kendrick, the Cryptocurrency Research Director at Standard Chartered Bank, predicted a continued downturn for Bitcoin, forecasting a potential drop of an additional 10%. This sentiment is tempered by the observation that declining US Treasury yields could eventually favor Bitcoin’s market performance. On February 26th, yields plummeted to 4.32%, marking the lowest since mid-December amidst rising inflation worries and decelerating economic growth. Despite the potential for Bitcoin to attract investors looking for superior assets in a low-yield environment, Kendrick warns that current market conditions are not optimal for purchasing Bitcoin. The recent outflow of $9.35 billion from the US Bitcoin spot ETF—the highest recorded since its inception—exemplifies this trend. Cumulatively, February has recorded an extraordinary $24.15 billion in ETF outflows, establishing a new monthly high.