Major global bank Standard Chartered believes the Bitcoin price could see further downside to around $50,000, according to recent comments.

Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, told The Block: “BTC’s proper break below $60,000 has now reopened a route to the $50,000-52,000 range.”

As of writing, Bitcoin is trading under $57,000 after a steep drawdown from recent highs above $70,000. Kendrick cited both the Bitcoin market and broader macroeconomic factors weighing on Bitcoin’s price.

He highlighted five straight days of outflows from U.S. spot Bitcoin ETFs and the slow start for new Hong Kong spot Bitcoin ETFs as the reasons for the recent…

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