Standard Chartered: Don't rush to buy the dips, Bitcoin may drop to $80,000

Odaily reported that the price of Bitcoin fell to around $86,000 on Tuesday, hitting the lowest level since November last year, down more than 20% from the historical high in January. As market risk aversion sentiment has intensified, the expected surge in cryptocurrencies due to Trump's inauguration has not materialized. Morgan Stanley's data shows that the cryptocurrency ETF saw an outflow of $544 million last week, indicating that the market's pessimistic sentiment is spreading. Geoff Kendrick, head of digital asset research at Standard Chartered Bank, warned, "Don't rush to . Bitcoin may test the $80,000 low. $90,000 is a key support level for Bitcoin, and a break below this level could lead to further declines in the world's largest cryptocurrency. Although Bitcoin has remained above $90,000 supported by the optimistic sentiment of the Trump administration's support for cryptocurrencies, its appeal has been weakened as the president's promises have not materialized and macroeconomic uncertainty has increased."